ASHWAUBENON, WI (WTAQ) – In a move that could save up to 700 jobs, Shopko will hold an auction for its optical business this week.
The Ashwaubenon-based retailer has been seeking a separate buyer for its eye-care business as it’s in the process of closing its stores.
Shopko says in a 29-page filing on Wednesday with the U.S. bankruptcy court in Nebraska that it is in “advanced negotiations with multiple potential bidders regarding a sale of the Optical Business.”
They add that due to several factors it believes an auction is the best way to realize the full value of the business.
“The Debtors believe that consummating a sale of the Optical Business could preserve as many as 700 jobs and keep as many as 80 store locations open, a tremendous achievement in light of these cases. A sale of the Optical Business would also generate higher value than a liquidation of the related property, plant, equipment, and inventory,” says Shopko.
A proposal would have bids due by Friday and an auction on Saturday, with the court notified of a winner by Tuesday morning.
Court records show that the bankruptcy court approved the sale Wednesday afternoon.
