ASHWAUBENON, Wis. — Wisconsin-based retail chain Shopko Stores has filed for bankruptcy protection as it makes plans to close more stores.
The retailer, based near Green Bay, says it will close 38 more stores. Eight Nebraska stores, half of which are in Lincoln, were included on a list of locations expected to close in coming months.
Lincoln stores at 4200 S. 27th St., 100 S. 66th St. and 6845 S. 27th St. had listed closing dates of April 15. The Shopko at 3400 N. 27th St. is to shutter March 3.
In the Omaha area, a Shopko store in Bellevue at 601 Galvin Road South also is expected to close April 15.
Three other locations — in Ord in Plattsmouth and in Kimball — also were listed.
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.
Last month, it announced plans to close about 40 of its more than 300 stores across the country.
World-Herald staff writer Reece Ristau contributed to this report.