Shopko seeks financial protection insurance

ASHWAUBENON, Wis. — Wisconsin-based retail chain Shopko Stores has sought financial protection insurance as it makes arrangements to close more stores.

The organization says over the top obligation and continuous focused weight are compelling it to look for security from leasers. Shopko is detailing resources of under $1 billion and liabilities of between $1 billion and $10 billion.

Shopko says it intends to keep working through Chapter 11 rearrangement in the wake of anchoring $480 million in financing from a gathering of moneylenders driven by Wells Fargo Bank. The financing will permit Shopko to keep on paying representatives, merchants and providers.

The retailer, headquartered close Green Bay, says it will close 38 additional stores. A month ago, it declared plans to close around 40 of its in excess of 300 stores the nation over.

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