Coeur d’Alene shoppers will have fewer options come June.
Shopko, a staple for retail money-spenders on busy Ironwood Drive, is closing its doors.
The struggling national chain announced Monday it will be closing all of its stores for good early this summer, said a local spokeswoman.
“We’re closing in early June,” said the local manager, who declined to be identified. “We’ll be gone after that.”
The major retail chain announced it was unable to find a buyer for its business. Nationwide, the closure will put an estimated 5,000 employees out of work.
Headquartered in Green Bay, Wis., the retailer filed for bankruptcy protection in January, citing excessive debt and ongoing competitive pressure.
The company announced a restructuring plan in January which included the closure of its pharmacy business and many of its stores. At that time, the Coeur d’Alene store was not on the closure list. The store on Ironwood Drive was, however, listed for closure in bankruptcy documents filed Monday, along with the rest of the company’s stores. The expected closing date, per the court record, is June 16.
In a statement issued Monday by the retail chain, Shopko said it can no longer compete with online shoppers and an increasingly competitive brick and mortar market.
“This is not the outcome that we had hoped for,” said Shopko CEO Russ Steinhorst.