My Price County Administrator
Registered: Jan 05, 2012
| PARK FALLS: SHOPKO CLOSING, STORE LIQUIDATIONS TO BEGIN NEXT WEEK
By June 16, 2019, Shopko will liquidate all its assets and close all of its remaining locations, including its Park Falls location, according to a document filed in U.S. bankruptcy court on March 18, 2019.
The first Shopko, a Wisconsin-based company, opened on Green Bay's west side in 1962.
On January 16, 2019, Shopko and its affiliates filed for bankruptcy protection, citing assets of less than one billion and liabilities between one and ten billion. In February, the company announced plans to close 250 of its 370 stores, which is about 70 percent of its locations. Shopko was seeking a buyer that would keep the remaining stores open beyond bankruptcy. Unfortunately, Shopko was unable to find a buyer.
An auction was scheduled for Tuesday morning, with hopes of driving up the price of initial bids that were due last week. Today, however, it was announced that the auction was cancelled and that one of its bankruptcy consultants will oversee a liquidation process instead. According to a press release, this process will begin early next week and conclude on about June 16, 2019.
Russ Steinhorst, Shopko's CEO, provided a statement on the matter, "This is not the outcome that we had hoped for when we started our restructuring efforts....We want to thank all of our teammates for their hard work and dedication during their time at Shopko."
The company is looking for options for its optical business, which Shopko had originally hoped to turn into standalone locations as part of the re-organization, but a good option has yet to be found.
Again, all Shopko stores are closing. Aside from Park Falls, other locations in Wisconsin that had initially been expected to stay open but will now close include locations in Abbotsford, Adams, Arcadia, Beaver Dam, Chippewa Falls, Clintonville, Eagle River, Eau Claire, Fond du Lac, Fort Atkinson, Janesville, Kingsford, La Crosse, Lancaster, Monroe, Neillsville, Oconto, Onalaska, Oshkosh, Marshfield, Reedsburg, Rice Lake, River Falls, Rothschild, Sister Bay, Spooner, Stanley, Suamico, Tomahawk, Wausau, Wautoma, and Wisconsin Rapids.
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[Edited by My Price County Administrator on Mar 18, 2019 at 06:42 PM]