Shopko stores in the stateline area were not included on a new list of closures the company plans in wake of Wednesday’s Chapter 11 bankruptcy filing.
The company states they will be closing a further 38 stores, relocating more than 20 optical centers to freestanding locations, and hold an auctioning process for their pharmacy business. Shopko says throughout the process, all Shopko Optical centers and pharmacies will remain open.
Stores in Belvidere, Dixon, Beloit and Freeport were not included on the closure list.
The company adds they will be growing their Optical centers by opening additional freestanding Optical locations during 2019.
“This decision is a difficult, but necessary one,” said Russ Steinhorst, Chief Executive Officer. “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.”
In a press release, the company says it has secured $480 million from secured lendors, led by Wells Fargo, to fund operations during the bankruptcy process. They say the funding ensures suppliers and other business partners and vendors will be paid for goods and services.