2 Madison Shopkos to close after the company declares bankruptcy
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MADISON, Wis. – Two Madison Shopko locations will close after the company declared bancruptcy.
The Wisconsin Department of Workforce Development reported that the stores on the Zeir and Mineral Point roads will close on April 12.
Shopko expects the closures to affect 63 employees.
According to a press release, the company has filed voluntary petitions for a court supervision financial restructuring in accordance with Chapter 11 of the US bankruptcy law. Last week, Chainko's pharmaceutical drug supplier McKesoon said Shopko owed $ 67 million since last year.
In December, Shopko officials announced that they closed 39 stores in 19 states. Last year, six more stores were added to the list.
Officials with Shopko said Wednesday that the bankruptcy will provide a "path forward" and will rebuild the store into a profitable business again.
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