Shopko closing all of its remaining stores by…


Shopko will liquidate its assets and close all of its remaining locations by mid-June.

The company was unable to find a buyer for the retail business and will begin winding down its operations beginning this week, the company said in statement released Monday. The decision to liquidate will bring an end to the brick-and-mortar business that began in 1962 with one location in Green Bay, Wisconsin.

“This is not the outcome that we had hoped for when we started our restructuring efforts,” Shopko CEO Russ Steinhorst said in the statement. “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, or about 70 percent of its locations as it attempted to scale back the business and work through bankruptcy to  restore profitability and attract a buyer or investor. 

The closings list was expanded Monday to include the 120 stores that Shopko had hoped to keep, according to a document filed Monday in U.S. bankruptcy court in Nebraska.

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Vicki Villers shops at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. Vicki Villers shops at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenA credit card machine is shown at the closed pharmacy in the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. A credit card machine is shown at the closed pharmacy in the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenBlack Friday shoppers enter Shopko at Bay Park SquareBlack Friday shoppers enter Shopko at Bay Park Square mall in Ashwaubenon on Nov. 26, 2010. USA TODAY NETWORK-WisconsinFullscreenSale signs are shown at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. Sale signs are shown at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenA sign by the entrance of the original Shopko store is shown on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. A sign by the entrance of the original Shopko store is shown on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenCustomers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. Customers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenA  Green Bay Press-Gazette photo from the opening of Shopko's first store, 216 S. Military Ave. in Green Bay, on April 5, 1962.Raising the sign for Shopko's first store USA TODAY NETWORK-WisconsinFullscreenRaising the sign for Shopko's first store, at 216. S. Military Ave., in March 1962.Raising the sign for Shopko’s first store, at 216. S. Military Ave., in March 1962. USA TODAY NETWORK-WisconsinFullscreenAn advertisement for the original Green Bay Shopko store, the company's first, ran in the Green Bay Press-Gazette on April 4, 1962.An advertisement for the original Green Bay Shopko store, the company’s first, ran in the Green Bay Press-Gazette on April 4, 1962. USA TODAY NETWORK-WisconsinFullscreenThe April 4, 1962 edition of the Green Bay Press-Gazette announced the upcoming opening of the original Shopko store at 216 S. Military Ave. in Green Bay.The April 4, 1962 edition of the Green Bay Press-Gazette announced the upcoming opening of the original Shopko store at 216 S. Military Ave. in Green Bay. USA TODAY NETWORK-WisconsinFullscreenCustomers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. Customers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company’s original store on Military Ave in Green Bay. Adam Wesley/USA TODAY NETWORK-WisconsinFullscreenShopko corporate headquarters at 700 Pilgrim Way. The building is for sale for $24 million.Shopko corporate headquarters at 700 Pilgrim Way. The building is for sale for $24 million. Jim Matthews/USA TODAY NETWORK-WFullscreenShopko store on Military Avenue in Green Bay prior to the company's rebranding of its stores in 2015Shopko store on Military Avenue in Green Bay prior to the company’s rebranding of its stores in 2015 USA TODAY NETWORK-WisconsinFullscreenThe Shopko store at 216 S. Military Ave.   in Green Bay.The Shopko store at 216 S. Military Ave. in Green Bay. Jim Matthews/USA TODAY NETWORK-WisconsinFullscreenPromotional materials produced as part of the rebranding of Shopko stores in 2015.Promotional materials produced as part of the rebranding of Shopko stores in 2015. USA TODAY NETWORK-WisconsinFullscreenThe Shopko store at Bay Park Square in Ashwaubenon.The Shopko store at Bay Park Square in Ashwaubenon. Jim Matthews/USA TODAY NETWORK-WFullscreenA customer walks toward the Shopko store at 2430 E. Mason Street in Green Bay.A customer walks toward the Shopko store at 2430 E. Mason Street in Green Bay. Jim Matthews/USA TODAY NETWORK-WFullscreenShopko Hometown assistant manager Sandi Reed works with Oconto High School student Courtney Fager on stocking shelves of candles.Shopko Hometown assistant manager Sandi Reed works with Oconto High School student Courtney Fager on stocking shelves of candles. USA TODAY NETWORK-WisconsinFullscreenRobbin Zimmerman heads through the aisles at Shopko in Appleton during the store's Black Friday sale in 2015.Robbin Zimmerman heads through the aisles at Shopko in Appleton during the store’s Black Friday sale in 2015. USA TODAY NETWORK-WisconsinFullscreenFans enter the new Shopko gate before the Green Bay Packers played the Washington Redskins at Lambeau Field on September 15, 2013. Shopko has sponsored the gate since the Lambeau Field renovation was completed earlier that year.Fans enter the new Shopko gate before the Green Bay Packers played the Washington Redskins at Lambeau Field on September 15, 2013. Shopko has sponsored the gate since the Lambeau Field renovation was completed earlier that year. USA TODAY NETWORK-WisconsinFullscreenA young cheesehead waits to enter the new Shopko Gate before Packers Family Night at Lambeau Field on Aug. 3, 2013.A young cheesehead waits to enter the new Shopko Gate before Packers Family Night at Lambeau Field on Aug. 3, 2013. USA TODAY NETWORK-WisconsinFullscreenOconto Police Capt. Randy Van Hulle talks with youths while they Shop with a Cop on December 2018 at Shopko Hometown in Oconto. At left is officer Mike Damit. Shopko has for years been a partner in the Shop with a Cop program.Oconto Police Capt. Randy Van Hulle talks with youths while they Shop with a Cop on December 2018 at Shopko Hometown in Oconto. At left is officer Mike Damit. Shopko has for years been a partner in the Shop with a Cop program. Courtesy Ann RehbergFullscreenGreen Bay Police Department Officer Kevin Stevens selects gifts in December 2018 with his Shop with A Cop program participant at Shopko on East Mason Street in Green Bay. Shopko for years has been a partner in the Shop with a Cop program.Green Bay Police Department Officer Kevin Stevens selects gifts in December 2018 with his Shop with A Cop program participant at Shopko on East Mason Street in Green Bay. Shopko for years has been a partner in the Shop with a Cop program. Jim Matthews/USA TODAY NETWORK-WisFullscreenShopko Stores Operating Co.'s distribution center atShopko Stores Operating Co.’s distribution center at 1717 Lawrence Drive in De Pere. The company launched a legal challenge of the city’s property tax assessment in 2017. Jim Matthews/USA TODAY NETWORK-WisconsinFullscreenHoliday shoppers wait in line outside of Shopko atHoliday shoppers wait in line outside of Shopko at Bay Park Square as the store was about to open with their holiday specials at 4 p.m. Thursday, November 23, 2017 in Ashwaubenon, Wis. Jim Matthews/USATODAY NETWORK-WiFullscreenHoliday shoppers crowd the electronics department ofHoliday shoppers crowd the electronics department of Shopko at Bay Park Square as the store opens with holiday specials just after 4 p.m. Thursday, November 23, 2017 in Ashwaubenon, Wis. Jim Matthews/USATODAY NETWORK-WisconsinFullscreenThe exterior of Shopko Hall in Ashwaubenon with theThe exterior of Shopko Hall in Ashwaubenon with the Resch Center in the background. Jim Matthews/USA TODAY NETWORK-WisconsinFullscreenShopko Hall in Ashwaubenon.Shopko Hall in Ashwaubenon. USA TODAY NETWORK-WisconsinFullscreenShopko opened its first Shopko Hometown stores in 2010.Shopko opened its first Shopko Hometown stores in 2010. The number of smaller stores grew significantly when Shopko merged with Pamida in 2012 and rebranded most Pamida stores as Shopko Hometown. USA TODAY NETWORK-WisconsinFullscreenShopko employee Jacob Meyer answers a question forShopko employee Jacob Meyer answers a question for a Black Friday shopper in the electronics section of Shopko on the East Side of Green Bay in 2014. USA TODAY NETWORK-WisconsinFullscreenShopko corporate headquarters in Ashwaubenon.Shopko corporate headquarters in Ashwaubenon. USA TODAY NETWORK-WisconsinFullscreenInterested in this topic? You may also want to view these photo galleries:ReplayVicki Villers shops at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 1 of 31A credit card machine is shown at the closed pharmacy in the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 2 of 31Black Friday shoppers enter Shopko at Bay Park Square3 of 31Sale signs are shown at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 4 of 31A sign by the entrance of the original Shopko store is shown on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 5 of 31Customers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 6 of 31A  Green Bay Press-Gazette photo from the opening of Shopko's first store, 216 S. Military Ave. in Green Bay, on April 5, 1962.7 of 31Raising the sign for Shopko's first store, at 216. S. Military Ave., in March 1962.8 of 31An advertisement for the original Green Bay Shopko store, the company's first, ran in the Green Bay Press-Gazette on April 4, 1962.9 of 31The April 4, 1962 edition of the Green Bay Press-Gazette announced the upcoming opening of the original Shopko store at 216 S. Military Ave. in Green Bay.10 of 31Customers shop at the original Shopko store on Wednesday, January 16, 2019 in Green Bay, Wis. Shopko filed for chapter 11 bankruptcy on Wednesday and announced it will close 105 stores, including the company's original store on Military Ave in Green Bay. 11 of 31Shopko corporate headquarters at 700 Pilgrim Way. The building is for sale for $24 million.12 of 31Shopko store on Military Avenue in Green Bay prior to the company's rebranding of its stores in 201513 of 31The Shopko store at 216 S. Military Ave.   in Green Bay.14 of 31Promotional materials produced as part of the rebranding of Shopko stores in 2015.15 of 31The Shopko store at Bay Park Square in Ashwaubenon.16 of 31A customer walks toward the Shopko store at 2430 E. Mason Street in Green Bay.17 of 31Shopko Hometown assistant manager Sandi Reed works with Oconto High School student Courtney Fager on stocking shelves of candles.18 of 31Robbin Zimmerman heads through the aisles at Shopko in Appleton during the store's Black Friday sale in 2015.19 of 31Fans enter the new Shopko gate before the Green Bay Packers played the Washington Redskins at Lambeau Field on September 15, 2013. Shopko has sponsored the gate since the Lambeau Field renovation was completed earlier that year.20 of 31A young cheesehead waits to enter the new Shopko Gate before Packers Family Night at Lambeau Field on Aug. 3, 2013.21 of 31Oconto Police Capt. Randy Van Hulle talks with youths while they Shop with a Cop on December 2018 at Shopko Hometown in Oconto. At left is officer Mike Damit. Shopko has for years been a partner in the Shop with a Cop program.22 of 31Green Bay Police Department Officer Kevin Stevens selects gifts in December 2018 with his Shop with A Cop program participant at Shopko on East Mason Street in Green Bay. Shopko for years has been a partner in the Shop with a Cop program.23 of 31Shopko Stores Operating Co.'s distribution center at24 of 31Holiday shoppers wait in line outside of Shopko at25 of 31Holiday shoppers crowd the electronics department of26 of 31The exterior of Shopko Hall in Ashwaubenon with the27 of 31Shopko Hall in Ashwaubenon.28 of 31Shopko opened its first Shopko Hometown stores in 2010.29 of 31Shopko employee Jacob Meyer answers a question for30 of 31Shopko corporate headquarters in Ashwaubenon.31 of 31AutoplayShow ThumbnailsShow CaptionsLast SlideNext SlideSale effort comes up short


The court filing indicates all store closures will be completed by June 16.

The bankruptcy court had scheduled an auction for Tuesday morning in the hope of driving up the price of initial bids that were submitted last week. On Monday, it announced the auction was canceled and a bankruptcy consultant will oversee  liquidation over the next 10 to 12 weeks. 

Shopko said it continues to evaluate options for its optical business. The company had hoped to spin off the business into standalone locations as part of its reorganization. 

The optical business now becomes one of the assets it will look to sell in the liquidation process.


The liquidation at the newly identified closing stores will look much the same as what has occurred at closing Shopkos: Discounts will slowly increase over a period of weeks as the company looks to sell every bit of inventory and equipment on hand. 

Craig Stevenson, a Madison-based partner with DeWitt Law Firm with expertise in bankruptcy law, said liquidation involves attempting to maximize the value of Shopko’s assets by selling everything it can. 

“The concept is to take all assets and make as big a pile of money as you can as efficiently as you can,” Stevenson said. “The idea is to take everything there and make it money that can be distributed to claimants in the bankruptcy.” 


Shopko and its affiliates filed for bankruptcy protection on Jan. 16 citing assets of less than $1 billion and liabilities between $1 billion and $10 billion. It had sought a buyer that would keep a smaller number of the company’s brick-and-mortar locations operating beyond bankruptcy. 

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