GREEN BAY, Wis. — Shopko, having been unable to find a buyer, said Monday that it plans to begin liquidating its assets. The company, which filed for Chapter 11 bankruptcy protection in January, said it was still evaluating strategic options for its optical business. But the company said it would begin an “orderly wind-down of its retail operations” this week.
“This is not the outcome that we had hoped for when we started our restructuring efforts,” said Russ Steinhorst, Chief Executive Officer. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”
In February Shopko announced plans to close 250 stores, but the company was still hoping to sell off its remaining 120 stores as a viable ongoing business. But Shopko was unable to find a buyer, and the company said it was cancelling an auction that had been planned for Tuesday and instead has enlisted the firm Gordon Brothers to oversee a liquidation process that is expected to begin this week and conclude in 10 to 12 weeks.
Shopko opened its first discount store in 1962.
