Shopko Hometown stores in Sister Bay and Kewaunee will remain open. That follows an announcement that the Ashwaubenon-based retailer is filing for Chapter 11 bankruptcy protection and closing 38 additional stores. Larger stores in Green Bay and Manitowoc are among those that will be closed. Sister Bay Village President David Lienau says keeping the Shopko Hometown store open is welcomed news.
With latest announced closure of 38 stores, Shopko will be shutting down 105 stores nationwide. 20 Shopko Optical Centers are also being relocated to freestanding locations.
POSTED EARLIER WEDNESDAY
Shopko Hometown stores in Sister Bay and Kewaunee to remain open as Shopko goes through Chapter 11 bankruptcy. Green Bay and Manitowoc stores among 38 being shuttered.
Shopko announced it will close an additional 38 stores after filing for Chapter 11 bankruptcy protection. The company announced the bankruptcy filing Wednesday morning. Shopko has obtained $480-million in debtor-in-possession financing from certain prepetition secured lenders led by Wells Fargo, N.A. to fund operations during the bankruptcy process. Retail will operate as normal during the bankruptcy process. In a news release, the company cited excess debt and competitive pressure for the Chapter 11 filing. In addition to the 38 stores to be closed, Shopko will also be relocating 20 Shopko Optical Centers to freestanding locations. The company operates Shopko Hometown stores in Sister Bay and Kewaunee.