ShopKo’s Landlord Calls For Liquidation

(Beaver Dam) The largest landlord for bankrupt ShopKo Stores wants a judge to begin liquidation for the Wisconsin-based retail chain. ShopKo Note Holding says sale of ShopKo’s pharmacy assets did not meet expectations and serve as indication that ShopKo will not reorganize. ShopKo filed for Chapter 11 bankruptcy protection this month, citing adverse effects of a changing retail environment. Court records show post-bankruptcy sales of the remaining pharmacy assets netted purchase agreements totaling about 52-million dollars in proceeds. The holdings company says ShopKo needed to realize around $84-million in the pharmacy sell-off in order to remain viable. Calls by to ShopKo corporate offices about the future of pharmacies in Beaver Dam, Mayville, Columbus and Watertown were not immediately returned.