Shopko to close all remaining stores

Pictured is a view of the Shopko sign near West Washington Street in Marquette. Shopko on Monday announced it would close all its remaining stores in an “orderly wind-down” of its retail operations this week after being unable to find a buyer for its go-forward business. (Journal photo by Corey Kelly)

MARQUETTE — Shopko on Monday announced it would close all its remaining stores in an “orderly wind-down” of its retail operations this week after being unable to find a buyer for the business.

The company, based near Green Bay, Wisconsin, also is evaluating strategic options for its optical business.

Shopko said it would not move forward with the auction it previously contemplated, and Cordon Brothers will oversee a liquidation process that’s expected to conclude in about 10 to 12 weeks.

The company said in a news release it is committed to ensuring the orderly wind-down of operations that minimizes the impact of this development on its teammates, customers, vendors and the communities it serves.

“This is not the outcome that we had hoped for when we started our restructuring efforts,” Shopko CEO Russ Steinhorst said in a statement. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”

In January, Shopko announced that it, along with its subsidiaries, had filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the U.S. Bankruptcy Code. According to The Associated Press, Shopko had reported assets of less than $1 billion, and liabilities of between $1 billion and $10 billion.

The closure of the Marquette Shopko, 1150 W. Washington St., was announced in February, following the announcement of the shuttering of the Wetmore store along M-28.

Stores affected in the most recent announcement include those in Ishpeming, Manistique, Kingsford and Iron River.

Founded in 1962, Shopko operates more than 360 stores in 26 states throughout the Central, Western and Pacific Northwest regions.

Christie Bleck can be reached at 906-228-2500, ext. 250.