Shopko has made it official, filing for Chapter 11 bankruptcy protection and closing 38 more stores, including its East and West Towne Mall stores in Madison, according to a report in the Wisconsin State Journal. The Green Bay-based retailer has 360 stores in 26 states.
Shopko cited excessive debt and ongoing competitive pressures for the move. The company has obtained $480 million in debtor-in-possession financing to help fund and protect its operations during the bankruptcy process.
