General merchandise retailer Shopko filed for chapter 11 protection yesterday and said that it would close more than 100 stores as part of its reorganization plan, CBSNews.com reported. The troubled company, already in the midst of closing more than 60 stores, added 38 more store closures with its bankruptcy announcement, a spokesperson confirmed. Shopko was not immediately able say how many of its 18,000 employees might be affected by the store closures. Purchased by Sun Capital Partners, a private-equity firm, for about $1.1 billion in 2005, the Green Bay, Wis.-based company operates 363 stores in 24 states under varying formats, according to its website. Founded by a pharmacist in 1962, Shopko went public in 1991. It generated $3 billion a year in revenue in 2017, according to a spokesperson.
