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I declare...BANKRUPTCY!!!

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  • #31
    About 70% of the company's stores are closing in total.

    The news hinted at prospective buyers, so maybe somebody is willing to throw money down this particular hole? IDK. The list of stores staying open still doesn't make a lot of sense.
    Knowledge is power. Power corrupts. Study hard. Be evil.

    "I never said I wasn't a horrible person."--Me, almost daily

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    • #32
      Is there any kind of sense to it? Like the stores in X state or Y area?
      My Guide to Oblivion

      "I resent the implication that I've gone mad, Sprocket."

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      • #33
        The stores staying open are more spread out than I thought they would go with. Then again maybe they are the most profitable ones.
        Knowledge is power. Power corrupts. Study hard. Be evil.

        "I never said I wasn't a horrible person."--Me, almost daily

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        • #34
          Quoth Irving Patrick Freleigh View Post
          The stores staying open are more spread out than I thought they would go with. Then again maybe they are the most profitable ones.
          That may be good for them - spread out means they have less chance of cannibalizing another store's sales. Of course, that assumes that those stores are profitable (or close to it) and the whole thing has any chance of success.
          Life: Reality TV for deities. - dalesys

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          • #35
            I'm not a corporate finance expert or anything, but I assume not paying state sales tax is kind of bad?

            Because I read yesterday that Shopko owed about $20 million in back sales tax to the state of Wisconsin. Which is pretty darn funny considering their last advertising campaign was "Proud to Call Wisconsin Home (As we stiff them on sales tax)"
            Knowledge is power. Power corrupts. Study hard. Be evil.

            "I never said I wasn't a horrible person."--Me, almost daily

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            • #36
              How far back do these back taxes date, or did they say?
              My Guide to Oblivion

              "I resent the implication that I've gone mad, Sprocket."

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              • #37
                Article here

                Looks like the unpaid taxes are from 2013-2016. Also I was off on the total amount, which is $13.5 million (taxes and penalties)
                Knowledge is power. Power corrupts. Study hard. Be evil.

                "I never said I wasn't a horrible person."--Me, almost daily

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                • #38
                  Won't be long before it's $20 mil if they keep not paying though

                  Also thanks for the link

                  It looks like they knew they were in trouble long before this bankruptcy happened.
                  Last edited by Tama; 03-03-2019, 02:27 AM.
                  My Guide to Oblivion

                  "I resent the implication that I've gone mad, Sprocket."

                  Comment


                  • #39
                    Aaaaaaaand it's gone. Just announced that Shopko will close all its stores by June.

                    ETA: the local newsrag has a story about a "ruckus" at my former store. It describes the ruckus as a drunk guy confronting a couple employees because he thought they laughed at him, and striking one of them. My city is officially the Florida Man of Wisconsin.
                    Last edited by Irving Patrick Freleigh; 03-18-2019, 07:19 PM.
                    Knowledge is power. Power corrupts. Study hard. Be evil.

                    "I never said I wasn't a horrible person."--Me, almost daily

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                    • #40
                      Quoth Irving Patrick Freleigh View Post
                      Aaaaaaaand it's gone. Just announced that Shopko will close all its stores by June.
                      Wow! That was fast.
                      "Life is tough. It's even tougher if you're stupid" Redd Foxx as Al Royal - The Royal Family - Pilot Episode - 1991.

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                      • #41
                        Not really. Based on Irv's stories, they have been failing for a good 4 - 5 years. Management was either slow to realize it, or (per one article I saw) kept it on life support so they could milk it for all it was worth.
                        Life is too short to not eat popcorn.
                        Save the Ales!
                        Toys for Tots at Rooster's Cafe

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                        • #42
                          About 1/3 of the ones around here closed on Sunday. I know of two more this Sunday and the last should be gone a week after that.

                          It's a weird feeling seeing them closed, even though I never went to them.

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                          • #43
                            Quoth Victory Sabre View Post
                            Wow! That was fast.
                            They could not find a buyer. They were originally going to keep a few stores (not sure of the number) going if they found a buyer. my local mall now has lost 2 major anchor stores in less than a year because of bankruptcy and all stores closing.
                            I'm lost without a paddle and headed up SH*T creek.
                            -- Life Sucks Then You Die.


                            "I'll believe corp. are people when Texas executes one."

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                            • #44
                              The swamp's last day of business was yesterday.

                              Apparently the optical business will be saved and eventually moving to a new location; until then I guess it will operate in the otherwise-vacant building.
                              Knowledge is power. Power corrupts. Study hard. Be evil.

                              "I never said I wasn't a horrible person."--Me, almost daily

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                              • #45
                                The local Swamps are either 50% or 70% clearance prices now.

                                Won't be long now.
                                "Life is tough. It's even tougher if you're stupid" Redd Foxx as Al Royal - The Royal Family - Pilot Episode - 1991.

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