FOREST CITY | The Forest City Shopko Hometown was not among the store closings announced by the Wisconsin-based retail chain on Jan. 17 as it files for bankruptcy protection.
Shopko Stores is closing its Hampton location. The Mason City Shopko will remain open.
The company says excessive debt and ongoing competitive pressure are forcing it to seek protection from creditors. Shopko is reporting assets of less than $1 billion and liabilities of between $1 billion and $10 billion.
Shopko says it plans to continue operating through Chapter 11 reorganization after securing $480 million in financing from a group of lenders led by Wells Fargo Bank. The financing will allow Shopko to continue to pay employees, vendors and suppliers.
The retailer, headquartered near Green Bay, says it will close 38 more stores. Last month, it announced plans to close about 40 of its more than 300 stores across the country.
Shopko also says it is conducting an auction process for its pharmacy business.
Throughout this process, all Shopko pharmacies will remain open, the company says.
Hy-Vee announced last month that it is purchasing 22 Shopko pharmacies in Iowa, Illinois, Minnesota, Nebraska, South Dakota and Wisconsin.
The pharmacy at the Shopko store in Forest City was not among those 22 locations.