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.
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.
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This story corrects the style of ’Shopko’ throughout.
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