Drug Deal Gone Bad: Shopko to File for Bankruptcy
As early as next week, Shopko could file for Chapter 11 bankruptcy protection.
With Sears announcing earlier this year they were liquidating, the Green Bay, Wis.- based department store company could be soon following.
Basically, it boils down to this: Shopko got the drugs, but they couldn't pay for the drugs. They missed a scheduled payment in December, and now the dealer doesn't want to deal to Shopko. Now they're down $67 million.
Drugs are expensive.
The company is expected to file for bankruptcy on Jan. 15, according to the Green Bay Press Gazette.