Shopko closing some stores amid report of restructuring
Shopko Stores is downsizing its store portfolio.
The Wisconsin-based discounter plans to close 39 locations, with all but one operating under the Shopko Hometown banner. Liquidation sales are scheduled to start on Dec. 7, and the stores expected to close at the end of February.
The news about the closings follows a Debtwire report that said Shopko management is working with Kirkland & Ellis as legal counsel as its top-line buckles in a tumultuous retail environment and that the company is consulting with BRG for restructuring assistance.
According to Debtwire, Shopko’s earnings have been hamstrung by the consumer pullback in brick-and-mortar shopping. To offset top-line erosion, management has taken down costs by reducing SG&A. This past summer, Shopko asked for relief from a group of vendors to lower their cost of products by a mid-to-high single-digit percentage, Debtwire said.
Shopko currently operates 363 stores throughout the Central, Western and Pacific Northwest regions. In 2005, it was purchased by Sun Capital Partners.
Here is a list of the stores scheduled to shutter:
• Leadville, Colorado
• Buena Vista, Colorado
• Bonners Ferry, Idaho
• Dwight, Illinois
• Webster City, Iowa
• Cherokee, Iowa
• Eldora, Iowa
• Anthony, Kansas
• Russell, Kansas
• Phillipsburg, Kansas
• Clay Center, Kansas
• Lyons, Kansas
• Larned, Kansas
• Brandenburg, Kentucky
• Mahnomen, Minnesota
• Paynesville, Minnesota
• Albany, Missouri
• Plentywood, Montana
• Lincoln, Nebraska
• Ord, Nebraska
• Kimball, Nebraska
• Lovington, New Mexico
• Oakes, North Dakota
• Stanley, North Dakota
• Lisbon, North Dakota
• Mayville, North Dakota
• Fairview, Oklahoma
• Redfield, South Dakota
• Wagner, South Dakota
• Webster, South Dakota
• Dell Rapids, South Dakota
• Presidio, Texas
• Delta, Utah
• Nephi, Utah
• Blanding, Utah
• Beaver, Utah
• Spokane, Washington
• Mauston, Wisconsin
• Greybull, Wyoming
The Wisconsin-based discounter plans to close 39 locations, with all but one operating under the Shopko Hometown banner. Liquidation sales are scheduled to start on Dec. 7, and the stores expected to close at the end of February.
The news about the closings follows a Debtwire report that said Shopko management is working with Kirkland & Ellis as legal counsel as its top-line buckles in a tumultuous retail environment and that the company is consulting with BRG for restructuring assistance.
According to Debtwire, Shopko’s earnings have been hamstrung by the consumer pullback in brick-and-mortar shopping. To offset top-line erosion, management has taken down costs by reducing SG&A. This past summer, Shopko asked for relief from a group of vendors to lower their cost of products by a mid-to-high single-digit percentage, Debtwire said.
Shopko currently operates 363 stores throughout the Central, Western and Pacific Northwest regions. In 2005, it was purchased by Sun Capital Partners.
Here is a list of the stores scheduled to shutter:
• Leadville, Colorado
• Buena Vista, Colorado
• Bonners Ferry, Idaho
• Dwight, Illinois
• Webster City, Iowa
• Cherokee, Iowa
• Eldora, Iowa
• Anthony, Kansas
• Russell, Kansas
• Phillipsburg, Kansas
• Clay Center, Kansas
• Lyons, Kansas
• Larned, Kansas
• Brandenburg, Kentucky
• Mahnomen, Minnesota
• Paynesville, Minnesota
• Albany, Missouri
• Plentywood, Montana
• Lincoln, Nebraska
• Ord, Nebraska
• Kimball, Nebraska
• Lovington, New Mexico
• Oakes, North Dakota
• Stanley, North Dakota
• Lisbon, North Dakota
• Mayville, North Dakota
• Fairview, Oklahoma
• Redfield, South Dakota
• Wagner, South Dakota
• Webster, South Dakota
• Dell Rapids, South Dakota
• Presidio, Texas
• Delta, Utah
• Nephi, Utah
• Blanding, Utah
• Beaver, Utah
• Spokane, Washington
• Mauston, Wisconsin
• Greybull, Wyoming