Shopko retailer to close all remaining stores, including Libby
by LibbyMT.com
March 19, 2019
Shopko chain will close all its remaining retail stores across the country. The company filed for Chapter 11 bankruptcy on January 16, 2019 closing more than 100 of its stores. The Libby store was spared closing at that time as the company looked for a buyer during its Chapter 11 restructuring.
The company was experiencing excessive debt and was forced to seek protection from creditors. It attempted to continue operating through Chapter 11 reorganization. The company was not able to find a suitable buyer and announced the closing of all its 250 locations on March 18th. This includes all its Montana locations, including the Libby store. All stores will be closed by summer 2019, most by June. The company reportedly has some 18,000 employees. It is headquartered near Green Bay, Wisconsin.
Shopko bought out the Pamida brand stores in 1999, which served smaller communities of 3000-8000 people, such as Libby. Pamida and Shopko merged into one company in 2012.
Additional Montana stores facing closure by June include those in Evergreen, Missoula, Billings, Helena, Sidney, Dillon, Shelby, Glasgow, Lewistown, Livingston, Kalispell, and Whitefish.
Gordon Brothers will oversee the company’s liquidation, which should take 10 to 12 weeks.
While the closing of these stores appears to be a huge hit to local economies and employees, from a business perspective it might also be an opportunity for local business entrepreneurs, if they have the capital and inclination to take advantage of the closing of the big box store in their community.
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