March 15, 2012
Liquidation Sale at Memphis Pamida Kickoffs Transition to Shopko
On the heels of announcing the finalization of its merger with Pamida, Shopko announced on March 12th, that the first phase of Pamida store conversions will begin with liquidation sales at 15 stores including the Memphis location.
These 15 Pamida stores will offer customers savings of up to 30 percent off all items in many departments, including apparel, shoes, sporting goods, toys, bed & bath, furniture, electronics and many more.
"These liquidation sales are the first step in the conversion process from Pamida to Shopko Hometown and this means great deals for our customers as we look to clear out the existing merchandise to make way for Shopko Hometown's enhanced merchandising mix," said Paul Jones, Shopko President, Chairman and CEO. "We are eager to be one step closer to bringing the Shopko Hometown experience to these 15 communities. The Shopko Hometown format has been overwhelmingly embraced by customers in 7 markets where we have already converted stores."
Shopko Hometown combines Shopko's strong reputation of health services and customer service with a broad and dynamic offering of strong national brands and high-value private label brands of apparel, home furnishings, toys, consumer electronics, seasonal items, and lawn and garden products - all in attractive, well laid out, easy-to-shop store formats that range from 15,000 to 35,000-square-feet.
As with all sales, the selection will be best early on so shoppers are encouraged to take advantage of the deals early. Existing pharmacies will remain open and will be accepting new patients throughout the entire conversion process.
Liquidation sales began Monday at the Memphis store as well as Pamida locations in Batesville, Bloomfield, Loogootee, and Petersburg, Indiana; Carrollton, Doniphan, El Dorado Springs, Gallatin, Palmyra, Plattsburg, Tarkio, Trenton, and Unionville Missouri; and Falls City, Nebraska.
Shopko will invest approximately $80 million into Pamida store conversions which occur in phases through the end of the year. Once the liquidation sale is complete, each individual store conversion will take approximately 5-6 weeks from start to finish and will include new interior and exterior signage, updated and supplemented fixtures, improved store design and layout, as well as an expanded merchandise mix.
Shopko is owned by affiliates of Sun Capital Partners, Inc., a leading private investment firm focused on leverage buyouts, equity, debt, and other investments in market-leading companies.
The merger between two of the nation's leading Midwest-based general merchandise retail chains, Shopko and Pamida, is now complete, creating one of the largest U.S. retailers focused on serving smaller, rural communities. With nearly $3 billion in annual revenues, the combined entity, which is retaining the Shopko name, features nearly 350 locations in 22 states with more than 20,000 employees. Financial details of the merger were not disclosed.
Shopko will be headquartered in Green Bay and Pamida's corporate headquarters in Omaha will be consolidated into the Green Bay office over the next several months. Shopko President, Chairman and CEO W. Paul Jones will retain his position, providing leadership for the combined company. Pamida CEO John Harlow will serve on the leadership team and help direct the integration process.
"A great deal of work and planning was required to get us to this point, and we're excited that the merger is now complete so we can begin to move forward as one organization," said Jones. "Our aim is to combine the best of both companies as we become one Shopko team with a shared vision to become the nation's leading general merchandise retailer focused on serving smaller communities across the country with our Shopko Hometown store format."
Shopko also announced the conversion plans for Pamida stores. The company announced that the Pamida stores will be converted to the Shopko Hometown store format by the end of 2012. As part of the continual review process, the company has identified six stores that will not go through conversion and will be closed in August.
The Shopko Hometown retail format, developed over the past three years to augment Shopko's larger store model, offers a differentiated and financially successful merchandising strategy. Shopko Hometown combines pharmacy services with a broad and dynamic offering of strong national brands and high-value private label brands of apparel, home furnishings, toys, consumer electronics, seasonal items, and lawn and garden products - all in attractive, well laid out, easy-to-shop store formats that range from 15,000 to 35,000-square-feet.
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