Independent file photo The Marshall Shopko store is not among the five designated to close in Minnesota after the retail chain announced it filed for bankruptcy protection.

MARSHALL — Wisconsin-based retail chain Shopko Stores has filed for bankruptcy protection and announced its plans to close 38 more of its stores, but local Shopko customers can breathe a sigh of relief — for now — as the Marshall location is not among those marked for closure.

According to an Associated Press report, the company says excessive debt and ongoing competitive pressure are forcing it to seek protection from creditors. Shopko reports assets of less than $1 billion and liabilities of between $1 billion and $10 billion.

In December, Shopko announced the closure of 39 stores in 19 states. Prior to that, Shopko operated about 360 stores in 24 states.

“The decision is a difficult, but necessary one,” Chief Executive Officer Russ Steinhorst said in a news release. “In a challenging retail environment, we have had to make some very tough choices, but we are confident that by operating a smaller and more focused store footprint, we will be able to build a stronger Shopko that will better serve our customers, vendors, employees and other stakeholders through this process.”

Along with Mahnomen and Paynesville locations, which were previously tapped to close, Fairmont, Rochester and Warroad are on Shopko’s list of Minnesota store closings announced on Wednesday. More than 20 Shopko Optical Centers are also being relocated to freestanding locations and an auction process will be conducted for its pharmacy business.

The AP reports that Shopko plans to continue operating through Chapter 11 reorganization after securing $480 million in financing from a group of lenders led by Wells Fargo Bank. The financing will allow Shopko to continue to pay employees, vendors and suppliers.

The Marshall Shopko location was among 22 Shopko stores in Minnesota and five neighboring states that had pharmacy closings that were announced in December. The Marshall Hy-Vee Pharmacy acquired the patient files of the former Shopko Pharmacy customers and started filling their prescriptions on Dec. 20.

The store manager for Marshall Shopko was not available for a comment. Attempts to reach the Shopko corporate office were also unsuccessful.

Shopko was founded in 1962 by pharmacist James Ruben. The first Shopko store opened that year in Green Bay, Wisconsin.