ShopKo going private in buyout, Duncan to leave
April 8, 2005,
GREEN BAY, Wis. -- ShopKo Stores has signed a definitive agreement to be acquired by a Minneapolis-based private equity firm for slightly more than $1 billion, including debt.
ShopKo president Sam Duncan has indicated he will not remain with the company following the transaction close. Chairman Jack Eugster, who is an investor in the buyout, has resigned his position as chairman and will step down from board committee positions in order to avoid any conflicts of interest, according to spokesman John Vigeland. Eugster will retain his board seat during the transaction, however, and will become chairman and acting CEO following the close, until a new president and CEO is named.
Other members of the retailer’s current management are expected to remain with the company and may take equity positions.
GHJ&M, whose portfolio currently numbers eight firms, has no current retail holdings. It was outbid several years ago in an effort to acquire Elder-Beerman department stores. Its investment outlook focuses on middle market companies located in the Midwest.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...