I declare...BANKRUPTCY!!!

[Food Lady]

Sh(p)o(o)pko

Otherwise known as notTarget.

[Aria]

I've never heard of this place in my life but I'm Canadian so not surprising. Congrats on getting out at a good time!

[Nunavut Pants]

It's only a little south of you. Actually, there are likely some stores that are north of some parts of Canada!

[Food Lady]

I read in the paper today that they are going to reorganize. They gained $63 million from the sale of the pharmacies in the stores. I wonder if they can make it.

[Tama]

Probably not, but they're going to try anyway

[morgana]

The "Everything Must Go!" signs are out at the one closest to me. Not that I've been in there in about three years.

ETA: Looks like all four in Lincoln are closing. No great loss, IMHO.

[TheSHAD0W]

... I took a look around at the liquidation sales. There were absolutely no deals to be found. Very few people browsing.

When a company goes to liquidation, their creditors usually turn it over to a company that specializes in liquidation sales. You can usually tell by their big colorful signs. There usually are no good deals at first, it drags out for months, and you'll occasionally luck out if you go later in the sale but it's slim pickings.

[Irving Patrick Freleigh]

I read in the paper today that they are going to reorganize. They gained $63 million from the sale of the pharmacies in the stores. I wonder if they can make it.

I highly doubt it. The sale of the pharmacies netted significantly less money than they were hoping.

They will also need somebody to buy the company or invest money into it to keep it going. Even if that happens, a lot more money will be needed to make the company even remotely competitive. Most of the stores have seen no upgrades in 15-25 years, technology is outdated, processes are hilariously inefficient (and the only answer Shopko was ever willing to accept for that is "work harder), the prices are way too high and the wages are too low to attract anybody but first-jobbers and the basically unemployable.

As I understand it, the company was put up for sale before the bankruptcy filing, but nobody was willing to buy it.

[Buzzard]

A business up for sale is nice and all, but if it will cost more to update the systems to useful/competitive than it will cost to build new, or take too long to pay off investment... nope.

Just another case of killing the cash cow by not bothering to FEED it.

[Arcus]

Been watching the store closing near me. They are up to 40% on the sale, yet there never seems to be more than 4 or 5 cars in the parking lot. They had even hired 4 sign twirler for last saturday. Last major store closing I remember had a full parking lot at this point.

I don't think this is going too well for them at this location.


Other effects of this have started though. A large number of the pharmacy customers have started going to the store at the other end of the complex. This one has always been a little understaffed and even though they have signs everywhere welcoming the new customers, they were not ready for it. It now takes twice as long to fill and they keep running out everything. This is bad for my parents because now they never know if they will get what they need or if they will have to call around to find it somewhere else.

[Mental_Mouse]

Been watching the store closing near me. They are up to 40% on the sale, yet there never seems to be more than 4 or 5 cars in the parking lot. They had even hired 4 sign twirler for last saturday. Last major store closing I remember had a full parking lot at this point.

So they can't even handle their bankruptcy...

[Food Lady]

processes are hilariously inefficient (and the only answer Shopko was ever willing to accept for that is "work harder), the prices are way too high and the wages are too low to attract anybody but first-jobbers and the basically unemployable.

The "work harder" thing: been there, done that. Yes, prices are too high. I can find some of that stuff for 1/4 the price elsewhere, especially home decor. I don't know what they get paid but I'm sure it's less than at the Bullseye.

[Irving Patrick Freleigh]

I received a letter about the bankruptcy filing in the mail yesterday, along with instructions about filing a claim to recover debt owed, if any. Or something.

Is it normal to receive such a letter if a company for which you used to work files for bankruptcy?

[Argus]

Is it normal to receive such a letter if a company for which you used to work files for bankruptcy?

I did for my first employer. (In that case, there actually was some debt; the unemployment office told us we could count the missed payday as the job termination date.)

Sending a few letters where the remaining debt actually is $0 leads to less of a headache than finding out afterwards that some creditors were overlooked.

[Victory Sabre]

Well, there's a new list out of stores closing, and now the one on the east side of town is closing.

I am surprised it wasn't in the first list.