GREEN BAY, Wis. (WBAY) - A private investment firm has purchased Shopko Optical and announced plans to relocate the business to freestanding locations.
Monarch Alternative Capital LP made the official announcement on May 16.
"As we move forward with our plans to operate 80 freestanding optical locations, we continue to be dedicated to our patients, doctors, opticians and the communities we serve," said Russ Steinhorst, CEO of Shopko. "We encourage anyone with questions to please get in touch with our team. We appreciate the continued patronage of our patients and their understanding during what we hope to be a continued smooth transition."
Shopko Optical is expected to open 80 freestanding locations in 2019 with "further growth expected in 2020 and beyond."
The sales agreement allowed Monarch affiliate Shoptikal LLC to purchase the optical business for $8.5 million in cash.
Shopko is expected to close all of its remaining retail stores by June 16. The company filed for Chapter 11 bankruptcy protection.
The first Shopko store opened on Green Bay's Military Avenue in 1962.