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Shopko Stores
built 630 days ago
WASHINGTON, D.C. - In cooperation with the U.S. Consumer Product Safety Commission (CPSC), Shopko Stores Inc. of Green Bay, Wis., is recalling approximately 9,800 Peek-A-Babe baby garments. The rose-shaped buttons on these garments can detach, posing a choking hazard to young children.
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ShopKo originally reached an accord with Goldner Hawn in April for $24 per share, but subsequent bids have driven the price to $29 per share. Both firms topped out at that figure in bids submitted Tuesday, but Sun Capital is ... offering a 6 percent per year per share premium to its offer, beginning on Dec. 15 and ending on the closing date of the transaction. Overall, Sun Capital's bid is worth at least $1.3 billion, including the assumption of $415 million in debt.
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Shopko is a dwarf compared to the big, bad giants knocking on its door. And other regional discounters such as Caldor (which went out of business earlier this year) and Bradlees (BRAD) have been casualties of the so-called Big Three -- Wal-Mart Stores (WMT), Kmart (KM) and Dayton Hudson's (DH) Target. But it would be a mistake to think that it's just a matter of time before Shopko is vanquished, says Merrill Lynch analyst Daniel Barry. "Shopko is not hiding in Wisconsin, hoping that its turf is not invaded by the Big Three. It has already been invaded." And armed with its cleaner, brighter stores and differentiated products, Shopko is beating back the mass merchandisers.
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ShopKo Stores Inc. plans to expand its neighborhood drugstore concept, Shopko Express Rx, with the opening of locations in the town of Buchanon and in Appleton. Both locations are expected to open by mid-2008.
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ShopKo Express will keep the full-scale liquor department currently in place at Port Apothecary and will expand the selection of convenience foods, beverages and household items. It will be the first of the ShopKo Express units to open.
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Olmsted Medical Center has two FastCare Clinics in operation in Rochester’s two ShopKo stores. The Jay Clinic, an independent center, opened first in Rochester as a stand-alone office on 19th Street Northwest.
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