Updated
Ashwaubenon-based retailer, Shopko has filed for Chapter 11 bankruptcy protection. The Manitowoc location will be one of 38 additional stores to close as part of its restructuring plan. Court documents list their assets between $500 million and $1 billion with liabilities estimated between $1 and $10 billion.
Restructuring plans call to move more than 20 optical centers to freestanding locations to remain open during court proceedings plus auction off its remaining pharmacy business. Manitowoc’s Shopko Optical will remain open and move to a new location. Further details on when that would happen were not disclosed at this time.
Papers filed in federal bankruptcy court in Nebraska asks for permission to pay wages—salaries and benefits as well as vendors and suppliers. The company has obtained $480 million in financing from lenders led by Wells Fargo to fund and protect its operations.
In a press release, Chief Executive Officer Russ Steinhorst stated, “This decision is a difficult, but necessary one”.
In a list of closing locations obtained from Shopko, the Manitowoc store is expected to close on April 15, 2019.
For further information from Shopko on the restructuring click HERE
