Shopko files for bankruptcy- Toledo location remains open
Shopko stores in Iowa and other states are to close as part of a bankruptcy action filed Wednesday by its parent company. The Toledo Shopko on South County Road (U.S. Highway 63) is not listed among the 105 stores slated to be closed in coming months.
According to an announcement on the Shopko website: “On January 16, 2019, Shopko, a leading operator of general merchandise stores throughout the Central, Western and Pacific Northwest regions of the U.S., announced 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.”
It was recently announced three Iowa locations would be closed.
The Wednesday announcement lists March 3 Iowa shutdowns in Eldora, Cherokee and Webster City, followed by closing of locations in Vinton and Estherville on April 8 and locations in Burlington, Ft. Madison, Clarinda, Hampton, Bloomfield and Onawa on April 15.
The total of 105 stores in addition to those in Iowa are located in Nebraska, Minnesota, North and South Dakota, Missouri, Kansas Wisconsin, Montana, Indiana, Illinois, Ohio, Texas, Utah, Washington, Wyoming and Colorado are also to be shuttered beginning Feb. 15 through April 15.
Specialty Retail Shops Holding Corp., and 12 of its subsidiaries filed for Chapter 11 bankruptcy protection from creditors, citing excessive debt and a decline in brick-and-mortar retail store sales as customers’ shopping patterns changed.
“This decision is a difficult, but necessary one,” said Russ Steinhorst, Chief Executive Officer, said in press release. “In a challenging retail environment, we have had to make some very tough choices, but we are confident that by operating a smaller and more focused store footprint, we will be able to build a stronger Shopko that will better serve our customers, vendors, employees and other stakeholders through this process.”



