ASHWAUBENON, Wis. (WBAY) - Shopko announced it has entered into an agreement to sell its optical business. Saturday morning the company announced it sold the optical business to Shoptikal LLC, an affiliate of Monarch Alternative Capital LP.
It was just announced on Thursday that the optical business was up for auction.
Under the agreement, Shoptikal LLC intends to buy the optical business for $8.5 million in cash.
“We are pleased and encouraged by the interest shown in our optical business,” said Shopko’s Chief Executive Officer, Russ Steinhorst. “Shopko is excited to partner with Monarch to continue to serve patients and customers in our local communities.”
Under the current bid procedures, other qualified bidders can still submit competing bids through a court-supervised sale process.
The auction process and final agreement would still need to be approved in court.
According to bankruptcy documents, the sale of the optical business could keep as many as 80 locations open and save up to 700 jobs.
As Action 2 News has reported, Shopko announced last month it was closing all of its retail stores by June 16 after filing for bankruptcy protection.