ASHWAUBENON, Wis. — Shopko on Wednesday announced that it, along with its subsidiaries, has filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the U.S. Bankruptcy Code.

Shopko seeks to facilitate the restructuring as a result of excess debt and ongoing competitive pressures.

The Marquette and Ishpeming stores are not on the latest list of closures, though Shopko previously announced it would close three Michigan stores. The Wetmore store along East M-28 is expected to close April 9. Stores in downstate Standish and Dowagiac are set to shut their doors for good on March 17 and April 8, respectively.

The restructuring petitions have been filed in the U.S. Bankruptcy Court for the District of Nebraska.

According to The Associated Press, Shopko reported assets of less than $1 billion, and liabilities of between $1 billion and $10 billion.

Shopko announced it will close an additional 38 stores, relocating over 20 Optical centers to freestanding locations and conducting an auction process for its pharmacy business.

During the restructuring process, Shopko will continue to operate and serve its customers, vendors, partners and employees. Shopko has obtained up to $480 million in financing from a group of lenders led by Wells Fargo to help fund and protect its operations during the Chapter 11 process.

This incremental liquidity will ensure that suppliers and other business partners and vendors will be paid in a timely manner for authorized goods and services provided during the Chapter 11 process, in accordance with customary terms.

“This decision is a difficult, but necessary one,” said Russ Steinhorst, chief executive officer, in a news release. “In a challenging retail environment, we have had to make some very tough choices, but we are confident that by operating a smaller and more focused store footprint, we will be able to build a stronger Shopko that will better serve our customers, vendors, employees and other stakeholders through this process.”

Throughout this process, all Shopko Optical centers and pharmacies remain open. All other stores remain open as Shopko continues to optimize its store footprint.

Shopko plans to continue to grow its optical business by opening additional freestanding locations this year.

Shopko is also filing customary first-day motions that, once approved by the court, will allow it to smoothly transition its business into Chapter 11, including, among other things, granting authority to pay wages, salaries, benefits, and pay vendors and suppliers in the ordinary course for authorized goods and services provided on or after the filing date.

Additional information is available on the company’s restructuring website at http://info.shopko.com or by clicking on the Restructuring link on

shopko.com.

Founded in 1962 and headquartered near Green Bay, Wisconsin, Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 360 stores in 26 states throughout the Central, Western and

Pacific Northwest regions.