Wisconsin-based retailer Shopko has filed for Chapter 11 bankruptcy, by looking to restructure the business as a result of “excess debt and ongoing competitive pressures.”
That would include all of the Lincoln locations.
“Business trends for us, like many retailers, have been difficult over the past few years,” Shopko officials said in a statement.
Shopko says it has $480 million in debt.
The retailer plans to close an additional 38 stores and relocate 20 optical centers to “freestanding locations.” It will conduct an auction for the pharmacy business.
Aside from the Lincoln stores, the list of locations closing includes Bellevue, Ord, Plattsmouth and Kimball.
Optical and pharmacy will remain open during the bankruptcy proceedings.