FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Gordon Brothers to Oversee Liquidation of Remaining Shopko Stores

Date: Mar 19, 2019 @ 08:36 AM
Filed Under: Bankruptcy

Wisconsin-based Shopko, which operates a chain of retail pharmacies,  announced that despite the company's best efforts, it was unable to find a buyer for its go-forward business as a going concern. As a result, the company will commence an orderly wind-down of its retail operations beginning this week. Further, the Company is evaluating strategic options for its optical business.

The Company will not move forward with the auction that it previously contemplated, and Gordon Brothers will oversee a liquidation process that is expected to conclude 10-12 weeks from now.  

Shopko filed for bankruptcy in January and announced it would begin to close some of its more than 350 pharmacies.

The company 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.

"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."

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.