GREEN BAY, WIS. Shopko announced on Wednesday that it, along with its subsidiaries, has filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code.
The company is seeking to facilitate the restructuring as a result of excess debt and ongoing competitive pressures. The petitions have been filed in the U.S. Bankruptcy Court for the District of Nebraska.
During the restructuring process, Shopko will continue to operate and serve its customers, vendors, partners and employees.
This decision is a difficult, but necessary one, said Russ Steinhorst, Chief Executive Officer. In a challenging retail environment, we have had to make some very tough choices, but we ar…
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