Shopko Files For Bankruptcy

18 January, 2019, 15:43 | Author: Brooke Harris
  • Shopko Stores closing stores in North Dakota, Minnesota

It reported assets of less than $1 billion and liabilities between $1 billion and $10 billion. Shopko has obtained $480-million in debtor-in-possession financing from certain prepetition secured lenders led by Wells Fargo, N.A.to fund operations during the bankruptcy process. All other stores remain open as Shopko continues to optimize its store footprint. McKesson attorney Jeff Garfinkle said during a court hearing that Shopko is expected to file for bankruptcy protection January 15.

McKesson sued Shopko in a Wisconsin court last month over $67 million worth of unpaid bills and asked a judge to order Shopko to return its unsold products.

It's likely that Shopko's optical business could remain in the city, as the company said it plans to relocate more than 20 Shopko Optical Centers to freestanding locations.

"We are open for business", Shopko CEO Russ Steinhorst wrote in a letter to customers across the country. The expansion of the optical business has been identified as a possible growth driver and savior. Encouraged by the performance of its four freestanding Optical centers that were opened in 2018, the retailer plans to continue to grow its optical business, opening additional freestanding Optical locations during 2019.

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With latest announced closure of 38 stores, Shopko will be shutting down 105 stores nationwide. The company operates Shopko Hometown stores in Sister Bay and Kewaunee. Retail will operate as normal during the bankruptcy process. "This incremental liquidity will ensure that suppliers and other business partners and vendors will be paid in a timely manner for authorized goods and services provided during the Chapter 11 process, in accordance with customary terms", the statement said.

Among the almost 40 stores closing, Burlington and Fort Madison's location were included.

Shopko is owned by an affiliate of Sun Capital Partners, Inc., a private investment firm headquartered in Boca Raton, Fla. that's focused on leverage buyouts, equity, debt, and other investments in market-leading companies.

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