Mobridge Weather

50°F
wind speed: 9 mph SE
 

Shopko to close remaining stores

Mobridge is losing another business as on Monday, Shopko announced it will liquidate its assets and close all of its remaining locations by June.
In a document filed Monday in U.S. bankruptcy court, the company will begin liquidation process over the next 10 to 12 weeks.
Shopko had announced in February plans to close 250 stores, or about 70 percent of its locations. There was hope that the company could sell the remaining stores, but that did not happen and on Monday it released the news it will close down all retail stores by June.
The company had scheduled an auction for Tuesday morning in the hopes of driving up the price of initial bids that were due last week. On Monday, it announced the auction was canceled and that one of its bankruptcy consultants will oversee the liquidation process.
“This is not the outcome that we had hoped for when we started our restructuring efforts,” Shopko CEO Russ Steinhorst said in a statement. The company once operated 363 stores in 24 states including those in South Dakota, California, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oregon, Utah, Washington, Wisconsin, and Wyoming. At the time of Monday’s announcement, the company operated only 134 Shopko stores, 176 Shopko Hometown locations, 18 Shopko Pharmacy locations, and five Shopko Express stores.
The Tribune will publish further information on the closing as soon as it is made available.
– Katie Zerr –