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Shopko will liquidate its assets and close all of its remaining locations by June, according to a document filed Monday in U.S. bankruptcy court.
The company stated in a media release that it was unable to find a buyer for the retail business and will begin winding down its operations beginning this week. The announcement will bring an end to the brick-and-mortar business that began with one location on Green Bay’s west side in 1962.’
The company in February had announced plans to close 250 stores, or about 70 percent of its locations, including their store in Mount Ayr.
That list was expanded at noon Monday with the inclusion of 120 stores that Shopko had hoped to keep open as it sought a buyer.
The company had scheduled an auction for Tuesday morning in the hopes of driving up the price of initial bids that were due last week. On Monday, it announced the auction was canceled and that one of its bankruptcy consultants will oversee a liquidation process over the next 10-12 weeks.
The document indicates all store closures will be completed by June 16.