Shopko filing for bankruptcy, closing more stores

Posted on Jan 16, 2019 :: Insight on Business, Web Exclusive.
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Posted by of Insight Publications

Shopko filed for bankruptcy Wednesday and is closing 38 more stores as part of its restructuring efforts.

The Ashwaubenon-based retailer announced it received $480 million in financing from lenders to fund and protect its operations while it goes through the bankruptcy process. Shopko also requested a federal bankruptcy court in Nebraska to allow it to pay wages, salaries and benefits.

In addition to the retailer’s recently announced closing of its Menasha, Seymour and Shopko Express in Buchanan locations, it will close the following Northeast Wisconsin locations:

  • Military Road, Green Bay
  • Calumet Avenue, Manitowoc
  • Green Bay Road, Neenah
  • Shopko Express, Evergreen Drive, Appleton

“This decision is a difficult, but necessary one,” CEO Russ Steinhorst said in a news release. “In a challenging retail environment, we have had to make some very tough choices, but we are confident that by operating a smaller and more focused store footprint, we will be able to build a stronger Shopko that will better serve our customers, vendors, employees and other stakeholders through this process.”