Shopko files for bankruptcy, will close Bend store
ASHWAUBENON, Wis. (AP) — Wisconsin-based retail chain Shopko Stores announced Wednesday it has filed for bankruptcy protection as it makes plans to close more stores, including the one in Bend.
The company says in its news release that excessive debt and ongoing competitive pressure are forcing it to seek protection from creditors. Shopko is reporting assets of less than $1 billion and liabilities of between $1 billion and $10 billion.
Shopko says it plans to continue operating through Chapter 11 reorganization after securing $480 million in financing from a group of lenders led by Wells Fargo Bank. The financing will allow Shopko to continue to pay employees, vendors and suppliers.
The retailer, headquartered near Green Bay, Wisconsin. says it will close 38 more stores, including the one on 60 NE Bend River Mall Avenue in Bend. The company closed its Bend store’s pharmacy late last year, moving customers and records to a nearby Ride-Aid store.
Last month, Shopko announced plans to close about 40 of its more than 300 stores across the country.
The Bend store, the only Oregon closure, is expected to close April 15. The list also includes three stores in Boise and Nampa, Idaho; and stores in Pullman, Spokane, Yakima and Lacey in Washington.
