ShopKo Stores Inc. (Green Bay, Wis.) announced it has sold its three ShopKo stores located in Colorado (Ft. Collins, Longmont and Loveland) to Regency Realty Group Inc., and is leaving the state.
Merchandise in the stores will be liquidated and the stores closed in approximately 90 days.
ShopKo executives say the sale of the three properties is not related to the announcement in April of the $1 billion merger agreement signed with an affiliate of Minneapolis-based private equity investment firm Goldner Hawn Johnson & Morrison Inc. Rather, the specialty retailer cited economic considerations as the reason for the closings. ShopKo originally opened the Longmont and Loveland stores in 1993 and the Ft. Collins store in 1994. The affected Colorado stores employ approximately 320 workers.
“We want to thank our customers in Colorado for their loyal patronage,” said ShopKo co-ceo and cfo Brian Bender.