Another American chain of stores ceases to exist

The massive closure of stores of large retailers continues. Payless ShoeSource, Gymboree and Charlotte Russe recently announced they are going out of business; in 2019, another large retail chain will join them. Shopko, a discount retailer headquartered in Wisconsin, will close all its 350 stores.

Фото: Depositphotos

In mid-January, Shopko representatives announced that they are filing for bankruptcy and debt restructuring, writes Money. Trying to stay afloat, over the past few months, the network has announced that it will close approximately 250 stores, and 120 will continue to work.

On March 18, this plan changed. According to bankruptcy proceedings, an auction of Shopko's assets was announced this week, but it was canceled on Monday - the chain said it would liquidate all assets and close all stores by June 2019.

“This is not the outcome we hoped for when we began the restructuring,” said Shopko CEO Russ Steinhorst. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”

The first Shopko store opened in 1962, in Green Bay, Wisconsin. In the US, more than 15 thousand people are employed in the network.

“Shopko is the department store of rural America. Like city or suburban department stores, it's not relevant now,” Brian Kelly, president of retail consulting firm Brian Brands, said in late 2018. Then there was talk of closing several dozen stores. “Add that to the economic collapse of rural America. Shopko is yet another retailer saddled with debt and... caught in a death spiral.”

Like many other retailers, Shopko could not compete with companies such as Amazon and e-commerce in general, as well as dollar stores and Walmart. Already on Tuesday, 19 March, anyone who visited the Shopko website saw the stub "currently unavailable." It is unclear whether buyers will ever be able to re-browse this site or place an order on it. Sales before liquidation has already begun or will soon begin in all stores.

As with the liquidation of other retail stores, we can expect large discounts when the sales of Shopko begin. The closer to closing, the lower prices promise to be. It is important to understand that all goods sold by the network will be the final purchase, without the possibility of return or exchange.

While Shopko, Payless, Gymboree and Charlotte Russe are closing all stores, other major retailers are announcing the closure of dozens or even hundreds of stores as they try to stay in the competitive market. Just one day in early March JC Penney, Gap and Victoria's Secret announced that they are closing more than 300 stores (total). Sears Holdings, managing Kmart and department stores Sears: many believe that this network is unlikely to last longer than 2019 of the year.

Read also on ForumDaily:

Tesla will close all stores and reduce prices for Model 3

Retailers closing the largest number of stores in 2018 year

Network Target announced the closure of stores in several cities

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.