MADISON (WKOW) — It is official, Wisconsin-based Shopko is filing for bankruptcy.

The company will close more than 100 stores across the country, 16 of them here in Wisconsin.

Shopko says this is a measure to remain financially viable after securing nearly $500 million in financing to continue operating and pay off some debts, including more than $67 million owed to a pharmaceutical supplier.

However, many customers are concerned about the departure of a place selling affordable items in areas without many other options.

“I realize that it’s a sign of the times but our discount stores are suffering and Shopko will be missed by the area neighborhood,” Mimi Meyers, a Shopko shopper said.

In a statement, Shopko CEO Russ Steinhorst said: “We are confident that by operating a smaller and more focused store footprint, we will be able to build a stronger Shopko.”

There is no word yet as to what will happen to the employees at the stores that will close.

For now the projected closing date for both Madison stores is April 15th, but the Monona store is not slated to be closed.

The store in Mauston is also closing.

The stores in Beloit, Janesville, and Monroe will stay open.