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 The leading web portal for pharmacy resources, news, education and careers March 23, 2019
Pharmacy Choice - Pharmaceutical News - Shopko vendor says retailer plans to file for bankruptcy - March 23, 2019

Pharmacy News Article

 1/10/19 - Shopko vendor says retailer plans to file for bankruptcy

A drug supplier to Shopko's pharmacies has taken the retailer to court for back payments and says the company is expected to file for bankruptcy protection next week.

A report by Press-Gazette Media says McKesson Corp. claims Shopko, which has stores in Dixon and Savanna, owes the pharmaceutical company $67 million and has asked a judge to prevent the pharmacies from selling its drugs.

During a hearing in Brown County, Wisconsin court, McKesson's legal team claimed that suburban Green Bay-based Shopko plans to file for bankruptcy on Jan. 15.

Like many big-box retailers, Shopko has struggled financially for several years. The company was taken private in 2005 by Sun Capital Partners Inc., a private equity firm based in Boca Raton, Florida. One year later, the firm sold Shopko's land holdings to a real estate investment trust.

Sun Capital reportedly had been trying to sell Shopko, but was unable to lock down a deal. The private equity firm also owned Gordmans Stores Inc., another retailer that filed for bankruptcy in March 2017.

Shopko, which targets business in small towns, has about 363 stores in 24 states. In December, plans were announced to close 39 stores in 14 states.

In Illinois, there also are Shopko stores in Freeport, Belvidere, Dwight, Jacksonville, Monmouth, Monticello, Mount Carmel, Quincy and Tuscola.

© Copyright 2019, Sauk Valley Newspapers (Dixon-Sterling, IL). All Rights Reserved.

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