GREEN BAY – Shopko will liquidate its assets and close all its remaining sites by June, according to a document that was filed Monday in US bankruptcy law.
The company stated in a press release that it failed to find a buyer for retail and will begin to liquidate its business beginning this week. The announcement will bring the end of the brick business that began with one place on Green Bay's west side in 1962. "This is not the result we had hoped for when we started our restructuring work," Shopko CEO Russ Steinhorst said in a statement. "We want to thank all our teammates for their hard work and commitment in their time at Shopko."
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In February, the company had announced plans to close 250 stores, or About 70 percent of their locations.
This list was expanded at noon with the inclusion of 120 stores that Shopko had hoped to stay open as it searched for a buyer. The new list includes locations on Bay Park Square in Ashwaubenon, East Town Mall in Green Bay and Northland Avenue location in Appleton.
The company had planned an auction on Tuesday morning in the hope of raising the price of initial bids due last week. On Monday, it announced that the auction was canceled and one of its bankruptcy consultants will monitor a liquidation process over the next 10-12 weeks.
The document states that all store closures should be completed by 16 June.
Elsewhere in Wisconsin, which initially expected to be open, but will close by mid-June, include stores in Rothschild, La Crosse, Marshfield, Kingsford, Janesville, Wisconsin Rapids, Beaver Dam, Eau Claire, Chippewa Falls. , Oshkosh, Fond du Lac, Fort Atkinson, Wausau, Onalaska, Monroe, River Falls, Rice Lake, Suamico, Oconto, Abbotsford, Clintonville, Sister Bay, Wautoma, Reedsburg, Adams, Eagle River, Lancaster, Neillsville, Arcadia, Spooner, Park Falls, Stanley and Tomahawk.
The company said it continues to evaluate options for its optical business. Shopko had originally hoped to spin the business to stand-alone places as part of the reorganization.
Shopko and its subsidiaries filed for bankruptcy protection on January 16 and reported assets of less than $ 1 billion and liabilities of $ 1 billion and $ 10 billion. It had sought a buyer who wanted to keep a smaller number of the company's brick and mortar sites operating outside of bankruptcy.
Press-Gazette will update this story.
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