Will Shopko Be the Next Store To Leave the Stateline?
The Rockford area has seen A LOT of retail loss over the last year. We've had to say goodbye to stores we love like Toys R Us, KMart, Bergners, and soon it will Sears' turn. Just when we thought the losses were over, news about Shopko's grim future breaks, and that sinking feeling returns to our stomachs once again.
So are we looking at inventory blowout sales coming soon to the Shopko stores in Belvidere, Freeport and Beloit? Honestly, the future isn't looking so good.
WBAY in Brown County, Wisconsin says the company is struggling, and owes A LOT of money to one pharmaceutical company. WBAY reports;
A pharmaceutical company has filed a complaint against Shopko in attempt to retrieve more than $67 million owed by the Ashwaubenon-based retailer.
McKesson Corporation, based in San Francisco, filed the complaint Jan. 4 in Brown County Circuit Court.
McKesson is the primary supplier of pharmaceuticals, health and beauty care products to Shopko stores.
Court documents obtained by Action 2 News show Shopko owes $67,265,343.24 to McKesson for products supplied to the retailer.
Woah, that's a lot of money.
WBAY's article also says court documents show that the pharmaceutical company contacted Shopko after hearing rumors about the company filing bankruptcy, and they responded saying the rumors were spread by a "disgruntled consulting firm that had not been chosen to advise Shopko".
So, like I said, the future isn't looking too bright for Shopko.
We better start hoping for the best, and preparing for the worst right now.