Shopko unable to find going-concern buyer, plans to begin winddown

By Caroline Salls

Pittsburgh, March 18 – Shopko Stores Inc. was unable to find a buyer for its go-forward business as a going concern and will launch a winddown of its retail operations beginning this week, according to a news release.

In addition, Shopko said it is evaluating strategic options for its optical business.

The company said it will not move forward with a previously announced auction, and Gordon Brothers will oversee a liquidation process that is expected to conclude in 10 to 12 weeks.

“This is not the outcome that we had hoped for when we started our restructuring efforts,” chief executive officer Russ Steinhorst said in the release.

Shopko is a Green Bay, Wis., operator of general merchandise stores throughout the Central, Western and Pacific Northwest regions of the United States. The company is a $3 billion retailer that operates more than 360 stores in 26 states. The company filed bankruptcy on Jan. 16 under Chapter 11 case number is 19-80064.

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