Shopko announced on Wednesday, January 16, 2019, that it has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 allows a company to restructure its finances under court supervision.
In a release announcing the filing, Shopko said the restructuring is necessary because of excess debt and ongoing competitive pressures.
The company says its will continue to operate during the restructuring.It has secured $480 million financing to ensure that suppliers will continue to be paid during the restructuring process.
In the release, Shopko CEO Russ Steinhorst said, This decision is a difficult, but necessary one. In a challenging retail environment, we have had to make some very tough choices, but we are confident that b…
Read the full article at: https://www.newscenter1.tv/shopko-files-for-chapter-11-bankruptcy/