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View Full Version : Another retailer declares Bankruptcy, Now it's Shopko



Jeff T.
01-16-2019, 05:02 PM
Good Afternoon,

I saw a news item this morning that Shopko, a Midwestern retailer out of Wisconsin, filed for bankruptcy this morning in Federal court in Omaha. When I reading headlines around lunchtime, I saw an item from the Lincoln Journal Star that Shopko is closing all four of its stores in Lincoln, Nebraska by April , 2019.

Shopko wasn't a bad chain, the stores were always clean and they had a nice variety of products to sell BUT they always seemed understaffed while having the help wanted signs out and for a store chain with stores similar in size to a regular Target and with prices inline with Target and Walmart, there was a notable lack of customers. If I forgot laundry soap, I could get laundry soap with out turning around because there were two Shopkos on the way.

I wonder if Shopko will join the list of retailers that had success and didn't change with the times like Woolworths/Woolco, Kresges/Kmart, Grants, Wards and perhaps Sears.

Jeff T.

Jeff_H
01-16-2019, 06:37 PM
List of stores to be closed:

http://info.shopko.com/closing-locations.pdf

More about why:

https://www.greenbaypressgazette.com/story/money/2019/01/16/shopko-files-bankruptcy-close-38-more-stores/2551819002/

In review of the list, seems like most of the locations are in smaller towns. Probably in many of those places, they could be nearly the only chain retailer.

Milaca
01-19-2019, 07:43 PM
There are two Shopko's in St. Cloud, MN, one east-side location and one west-side location. It had just one Shopko store that was very busy until the late 1980's, when they vacated the building and built two new stores to replace it. I don't know why they have two locations, as the east-side location has had very little business for twenty-plus years.

Milaca
02-08-2019, 04:05 PM
More stores closing. Here is a link to a list of all effected stores: http://info.shopko.com/closing-locations.pdf?v=3

Jeff_H
03-21-2019, 06:35 PM
Seems that Shopko is closing all its stores now:

https://www.cbsnews.com/news/shopko-bankruptcy-filing-shopko-stores-is-closing-all-remaining-stores-after-failing-to-find-buyer/

https://www.mprnews.org/story/2019/03/18/shopko-closures

I drive past the one in Glenwood, MN when I visit the farm. It used to be a Pamida before Shopko took it over some years ago.

That will be a blow to that town, as folks will need to travel farther. I guess Alexandria (about 15mi) is not too far but I expect they got traffic from other towns that will now have to go farther than that.

showbizkid
03-22-2019, 03:57 PM
Here's the telling bit:

He also noted creditors have also challenged more than $100 million in dividends paid to equity owners in recent years, reportedly paid with borrowed money. Livingston said he believed management hadn't been seriously interested in emerging from bankruptcy.

Jeff T.
03-22-2019, 05:02 PM
It seems that whatever company any hedge fund get their hands on ends up with so much debt that the company stumbles along until the weight of the debt forces the company out of business. So much for Shopko, Sears, Toys R Us, etc, etc, etc.

8E45E
03-23-2019, 09:14 AM
I just read on the AACA Forum that F & W Media Inc. filed for Chapter 11. They are a publishers of Old Cars Weekly, and their related Price Guides.

Craig