Customers are seen leaving Shopko on June 21 in West
Bend. Shopko announced
it will be closing its store there.
WEST BEND — Shopko announced
Wednesday it and its subsidiaries filed for a court-supervised
financial restructuring under Chapter 11 of the United States
It will close another 38 stores, including its West Bend location,
relocating more than 20 optical centers and auctioning its pharmacy.
The West Bend store is expected to close April 15.
A statement from the company said it is confident this step will
allow for a stronger Shopko.
“This decision is a difficult, but necessary one,” said Russ
Steinhorst, chief executive officer, in a statement. “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.”
Shopko has obtained approximately $480 million in
debtor-in-possession financing from some lenders, led by Wells
Fargo, N.A. as administrative agent during the Chapter 11 process.
This is to make sure certain suppliers and vendors will get paid.
The company will continue to update customers throughout this
While it undergoes the restructuring process the remaining locations
will continue to operate and serve its customers, vendors, partners
In all, 16 stores in Wisconsin will close, including Green Bay,
Manitowoc, La Crosse, Madison, Menasha, Stevens Point, Grafton,
Neenah, Plover, Sussex, Buchanan, Appleton, Mauston and Seymour.
<<EARLIER: Grafton Shopko one of six to close