Details on the sale of Shopko’s optical business have emerged, one week after Shoptikal LLC, an affiliate of Monarch Alternative Capital LP, bid $8.5 million for Shopko Optical.
A bankruptcy judge still needs to finalize the deal, but Monarch plans to operate 84 standalone optical stores in 80 cities, including Appleton, Ashwaubenon, De Pere, Fond du Lac, Green Bay, Kimberly, Manitowoc, Marinette, Menasha, Neenah, Sheboygan and Suamico.
Monarch also purchased Shopko’s optical lab in Ashwaubenon, when it bought more than 70 Shopko properties last month, and its bid for the optical business includes the equipment and inventory at the optical lab.
Until Monarch can move in-store optical services to freestanding stores, it will operate the stores inside the soon-to-be-vacant Shopko retail stores. The moves to the new locations are expected by this fall.
Monarch’s purchase of the optical business will save an estimated 700 jobs, company officials said.
Customers’ Shopko Optical records will be transferred to the new owners and all warranties will be honored. Monarch will communicate with customers once details are finalized about the location of the new stores and the moving timeline.