Shopko Announces Closure of All Stores
Shopko is announcing the closure of all stores after it was unable to find a buyer for its remaining stores.
The company says it will not move forward with an auction that it previously contemplated, and Gordon Brothers will oversee a liquidation process that is expected to conclude in 10-12 weeks.
Shopko says 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. The company is also evaluating options for its optical business.
"This is not the outcome that we had hoped for when we started our restructuring efforts," said Russ Steinhorst, Chief Executive Officer. "We want to thank all of our teammates for their hard work and dedication during their time at Shopko."
The company began announcing restructuring in late 2018, with the closure of some pharmacy locations as well as stores. The Mankato and Fairmont locations had been left off the closure list until Monday's announcement.
Shopko says it will begin a wind-down of its retail operations this week.
The announcing of the closure of Shopko in Mankato will bring the total to 6 big box retailers that have or will close in Mankato. In January 2017, Sears announced that it was closing the store at the River Hills Mall. The store closed in March 2017. Gander Mountain announced in March of 2017 it was closing its Mankato store, followed by the announcement of the Mankato Gordman's location would also be closing. In April 2018, BonTon stores announced the closure of Herberger's locations, with the Mankato store closing in August 2018. In November of last year, Lowe's announced it was closing their Mankato locations which closed in January.
--KEYC NEWS 12