UPDATE: Three stores in Michigan are slated for closure: the Shopko Hometown location in Wetmore, and two stores in downstate Standish and Dowagiac.
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GREEN BAY, WI-- Shopko has announced it’s filing for Chapter 11 bankruptcy.
The company issued a press release Wednesday morning saying it is seeking financial restructuring because of excessive debt and competitive pressures.
“This decision is a difficult, but necessary one,” said Russ Steinhorst, Chief Executive Officer. “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.”
An additional 38 stores are slated for closure. The company is also relocating more than 20 optical centers to freestanding locations and conducting an auction process for its pharmacy business.
Officials had announced the Shopko Hometown store in Wetmore would close this April. The list of additional closures has not yet been made public.
