ASHWAUBENON -- The Wisconsin-based retail chain Shopko Stores has extended its list of store closures on Wednesday, Feb. 6 after filing for bankruptcy protection last month.
According to the list posted on Shopko's restructuring website, an additional 139 stores have been added to the already-lengthy list.
Below is an updated list of Shopko stores closing in Wisconsin:
A Shopko spokesperson said the company released the following statement on the added closures:
"Through our conversations with the potential buyers, it has become clear that it is in our best interest to operate with a significantly smaller store footprint.
Today we are announcing the closure of an additional 139 Shopko and Shopko Hometown stores. Further, we will relocate approximately 50 optical centers in closing stores to new freestanding locations.
Due to these impacts, we have issued a WARN notice in WI and IL to employees affected by these difficult, but necessary decisions. While we have not made any decisions about what positions will be affected, we do know that it will result in a reduction of staff.
We remain hopeful that we will be able to emerge as a stronger company, and we believe that this is the best course of action to make ourselves more attractive to potential buyers and successfully emerge from Chapter 11."
The company says 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.
For a full list of store closures, CLICK HERE.