The Shopko Corporation recently announced it was filing for bankruptcy and closing down several stores across the country, but for now it appears the Perry store is safe.
With the general merchandise retailer declaring Chapter 11, they made the decision to close 11 of their stores in Iowa, along with relocating several optical centers to freestanding locations, and conducting an auction process for its pharmacy business. However, the Perry store was not listed as one of the locations on the corporate chopping block, and it’s expected to be a key location as Shopko restructures its business. In a statement issued by the company, they said they voluntarily filed for bankruptcy due to an excess of debt and ongoing competitive pressures. The stores that are closing will remain open in their respective communities for the time being, but each will be vacated by mid-April.
Shopko CEO Russ Steinhorst said he’s hopeful that by operating a smaller and more focused business, the company will be able to strengthen itself in the long run. For more information on the Shopko restructuring and Chapter 11 filing, click the link below.