Shopko files for bankruptcy, will close 105 stores, including 16 in Wisconsin

Shopko files for bankruptcy, will close 105 stores, including 16 in Wisconsin



https://www.greenbaypressgazette.com/story/money/2019/01/16/shopko-files-bankruptcy-close-38-more-stores/2551819002/


Jeff Bollier, Green Bay Press-Gazette Published 8:37 a.m. CT Jan. 16, 2019 | Updated 5:23 p.m. CT Jan. 16, 2019


ASHWAUBENON - Shopko has until March 14 to find a way through reorganization or it will have to liquidate its assets, according to bankruptcy court documents filed Wednesday.

Shopko's parent company, Specialty Retail Shops Holding Corp., and 12 of its subsidiaries filed for Chapter 11 bankruptcy protection from creditors, citing excessive debt and a decline in brick-and-mortar retail store sales as customers' shopping patterns changed.

With an eye toward shutting down under-performing stores, the company announced that it will close 105 stores, including the company's original store at 216 S. Military Ave. in Green Bay, according to a website set up to provide information on the reorganization.

"I started crying and said, 'Not my store,'" Green Bay resident Vicki Villers said as she shopped for greeting cards in the Military Avenue store. "My husband (Harvey Villers Jr.) and I depend on this store. We love this store. I hate to see it close."