Shopko will begin closing its remaining stores this week after the private-equity-backed retailer said it was unable to find a buyer for its general merchandise chain, WSJPro reported. The Green Bay, Wis.-based company, founded in 1962, said it is evaluating options for its optical business. Shopko entered bankruptcy in January with about 370 stores and initially planned to reduce its footprint to about 260 locations. In February, it said it was aiming to get down to about 120 stores and 61 stand-alone optical centers. But it was unable to find a buyer for the remaining locations. Gordon Brothers will oversee the liquidation process, Shopko said. Shopko was bought by private-equity firm Sun Capital Partners Inc. in 2005. The company filed for bankruptcy with about 14,000 employees. Papers filed in U.S. Bankruptcy Court in Omaha, Neb., show the remaining stores will close by mid-June.
