The Shopko stores in Plentywood and Wolf Point are expected to close in the coming months as the general merchandise company undergoes financial restructuring.
In a Wednesday announcement, Shopko stated it has filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code. As of right now, the company plans to close more than 100 stores.
The company is seeking to facilitate the restructuring as a result of excess debt and ongoing competitive pressures, according to a press release.
The only Montana stores currently affected are in Plentywood and Wolf Point. The Shopko Hometown store in Plentywood is expected to close on March 3, 2019 while the Shopko Hometown store in Wolf Point is expected to close on April 8, 2019.
Additionally, the Shopko Pharmacy in Kalispell will close and pharmacy prescriptions will be transferred to a Kroger-owned location.
In a letter to customers, Shopko CEO Russ Steinhorst said the store has spent the past several months taking action to drive improved performance and strengthen Shopko’s financial position.
Shopko was founded in 1962 and headquartered in Green Bay, Wisconsin.