Shopko Optical Has a New Owner
Friday, May 17th, 2019 -- 12:38 PM
(Green Bay Press-Gazette) -Shopko Optical has a new owner.Monarch Alternative Capital LP on Thursday completed its $8.5 million acquisition of Shopko Optical. The New York-based private investment firm was the sole bidder for the bankrupt retailer's optical business in mid-April. Monarch and Raider Hill Advisors, another New York investment firm, also purchased more than 75 Shopko properties, including Shopko's Ashwaubenon headquarters and 24 Wisconsin stores. With the sale completed, Monarch now turns its attention to moving the optical operations from Shopko's big box stores to smaller strip centers and storefronts. It expects to relocate about 80 stores. Shopko CEO Russ Steinhorst said the optical business will continue to operate under the name Shopko Optical. The company will continue to serve customers at existing stores until new locations are ready. Shopko has set up an email address consumers can use to ask about the timeline for their specific locations. The email is: [email protected].
The transition has already started in some communities. The sale of Shopko Optical will save an estimated 700 jobs, company officials have said. Shopko and its affiliates filed for bankruptcy protection from creditors in January in the U.S. Bankruptcy Court for Nebraska. The Ashwaubenon-based retailer cited assets of less than $1 billion and liabilities of $1 billion to $10 billion. In March, the company abandoned efforts to find a buyer or investor and pivoted reorganization to a plan to close its stores and sell off its optical business as a standalone operation. The last Shopko stores are expected to close June 23.
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