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.
People were interested in these podcasts
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.
___
This story corrects the style of ’Shopko’ throughout.
Please read our comment policy before commenting.