Shopko will liquidate its assets and close all of its remaining locations – including its Lewiston store – by June.
That’s according to a document filed Monday in U.S. bankruptcy court.
The company says it was unable to find a buyer for the retail business and will begin winding down its operations beginning this week. The announcement will bring an end to the brick-and-mortar business that began with one location in Green Bay, Wisconsin, in 1962.
ShopKo in February announced plans to close 250 stores, or about 70 percent of its locations. That list was expanded Monday with the inclusion of 120 stores that Shopko had hoped to keep open as it sought a buyer. The company had scheduled an auction for Tuesday in the hopes of driving up the price of initial bids that were due last week. However, Monday it announced the auction was canceled, and that one of its bankruptcy consultants will oversee a liquidation process over the next 10-to-12 weeks.
The document indicates all closures – including Lewiston’s Thain Grade store – will be completed by June 16th.
ShopKo continues to evaluate options for its optical business, which it had originally hoped to spin into standalone locations as part of its reorganization. The optical business now becomes one of the company’s assets it will look to sell through the liquidation effort. (Green Bay Press Gazette)
