This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
ASHWAUBENON, Wis. (AP) — Wisconsin-based retail chain Shopko Stores has filed for bankruptcy protection as it makes plans to close more stores.
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.
The retailer, headquartered near Green Bay, says it will close 38 more stores. Last month, it announced plans to close about 40 of its more than 300 stores across the country.
The company's closure list includes 13 stores in Utah:
- Murray: 5959 S. State St.
- Sandy: 2165 E. 9400 South
- West Jordan: 1553 W. 9000 South
- Taylorsville: 5800 S. Redwood Road
- Ogden: 1018 Washington Blvd.
- West Valley City: 4850 W. 3500 South
- Brigham City: 747 S. Main St.
- Orem: 125 S. State St.
- Spanish Fork: 955 N. Main St.
- Delta: 94 N. 400 East (Hometown)
- Nephi: 1174 N. Main St. (Hometown)
- Blanding: 860 S. Main St. (Hometown)
- Beaver: 660 N. Main St. (Hometown)
Three stores in Idaho — two in Boise and one in Nampa — are also on the closure list.
Find the planned closure dates here.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.