The parent company of one the area’s best known retailers has filed for bankruptcy.

Officials with Shopko announced Wednesday that they have voluntarily filed petitions for a court supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code.

Shopko cites excess debt and ongoing competitive pressures as the reasons for the restructuring.

Store officials say that, in the meantime, they will continue to operate and serve their customers, vendors, partners and employees.

More bad news is that Shopko will close an additional 38 stores, relocate some 20 optical centers and auction off its pharmacy business.

One of the store closings is the Shopko Hometown Store in Memphis, Missouri.

The Shopko stores in Quincy and Jacksonville, Illinois will remain open.