Despite Shopko’s best efforts, the retailer announced Monday, March 18, 2019, that it would be liquidating its assets and closing all of its remaining locations by June.
“This is not the outcome that we had hoped for when we started our restructuring efforts,” said Russ Steinhorst, Chief Executive Officer, in a recent press release. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”
Shopko announced in its release that it was unable to find a buyer for its go-forward business and will not be moving forward with the auction it previously contemplated. Gordon Brothers will oversee the liquidation process that is expected to conclude 10-12 weeks from now. As a result, the retailer will commence an orderly wind-down of its retail operations beginning this week—retail operations that began in Green Bay in 1962.
No further details were disclosed at this time; Deli Market News will keep its eyes on the newswire for the latest.