OMAHA, Neb (FOX 42 KPTM) -- Shopko announced Wednesday it filed for chapter 11 bankruptcy.
Along with that announcement, the company says it is closing 105 of its 367 stores.
Twenty of those are in Nebraska and Iowa.
Shopko filed its official paperwork in U.S. Bankruptcy Court in Nebraska.
The company says it will still accept store credit and gift cards at its remaining stores.
ASHWAUBENON - Shopko Stores Operating Co. LLC filed for chapter 11 bankruptcy protection from creditors on Wednesday.
The company said excessive debt and ongoing competitive pressures forced it to seek protection from creditors. It reported assets of less than $1 billion and liabilities between $1 billion and $10 billion.
The company has secured up to $480 million in financing from a group of lenders led by Wells Fargo Bank that will enable it to continue operating through the reorganization. It will also enable the company to pay suppliers, employees and vendors in a timely manner.
The company announced it will close 105 stores, including the company's original store at 216 S. Military Ave. in Green Bay, according to a website set up to provide information on the reorganization.
Other Wisconsin stores on the list are in Neenah, Menasha, Seymour, Manitowoc, West Bend, Stevens Point, Grafton, Plover, Sussex,La Crosse, Mauston and two stores in Madison. Shopko Express stores in Appleton and Buchanan are also on the list.
Shopko operates 367 stores in 25 states, including full Shopko stores, Hometown stores, Shopko Express and Shopko Optical locations, according to its website.
The company will also transition 20 optical centers from existing Shopko stores into standlone locations. The company opened four such Shopko Optical locations in 2018 and said they have performed well.
Shopko also announced plans to auction off its remaining pharmacy business that Kroger, Hy-Vee and CVS did not purchase in separate deals announced in December.
The company filed its Chapter 11 paperwork in U.S. bankruptcy court in Nebraska.