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Wisconsin-based Shopko to close remaining stores in June

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Posted at 6:05 AM, Mar 19, 2019
and last updated 2019-03-19 07:05:01-04

ASHWAUBENON, Wis. (AP) — Wisconsin-based retail chain Shopko Stores plans to close its remaining 120 department stores by mid-June.

Shopko said Monday the company was unable to find a buyer for its business. The company plans to begin winding down its retail operations this week.

WLUK-TV reports those closings will affect an additional 5,000 employees.

Shopko says it will not move forward with an auction that was scheduled Tuesday. The liquidation is expected to take 10-12 weeks.

The retailer, headquartered near Green Bay, filed for bankruptcy protection in January, citing excessive debt and ongoing competitive pressure, and began announcing store closings.

CEO Russ Steinhorst says in a statement "this is not the outcome that we had hoped for when we started our restructuring efforts."

Shopko began with a store in Green Bay in 1962.