(WAND) – All Shopko stores are closing down after the company failed to find a buyer.
The company says a liquidation sale has started with the full process finishing between 10 and 12 weeks from mid-March. Shopko says an “orderly wind-down” of retail operations is underway on the week of March 18, and the auction process for a buyer has ended.
The Wisconsin-based chain filed for bankruptcy protection in January. Serious problems with debt and competitive pressure led to that decision, according to previous comments from the company.
Shopko has central Illinois stores in Monticello, Tuscola and Jacksonville.
“This is not the outcome that we had hoped for when we started our restructuring efforts,” Chief Executive Officer Russ Steinhorst said. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”
The company is working in figuring out strategic options for its optical business during the closing process.
