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Shopko files for Chapter 11 Bankruptcy

Shopko files for Chapter 11 Bankruptcy

5 years, 2 months ago by Scott Hardy

Quincy store to stay open; will close Memphis, MO, Ft. Madison and Burlington stores

As expected, another retailer with a Quincy location has announced it has filed for Chapter 11 bankruptcy protection, but the Quincy store will remain open.

Wisconsin-based Shopko made the announcement Wednesday, saying that it plans to close an additional 38 stores, will relocate over 20 Optical centers to freestanding locations, and auction off its' pharmacy business. Shopko stores in Memphis, Missouri, Fort Madison and Burlington, Iowa will all close by April 15th. The optical centers in the Fort Madison and Burlington stores will stay open, but be moved to free-standing locations. Shopko's already sold the pharmacy in its' Quincy store to Hy-Vee. In a statement, Shopko says it filed due to "excess debt and ongoing competitive pressures". They say they've obtained $480 million in financing, and plan to keep their remaining stores open during the process.

Last week, lawyers for one of Shopko's creditors said in court that a bankruptcy filing was likely.

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