jousting

ShopKo officials terminated a $27-per-share agreement to be bought by private equity firm Goldner Hawn Johnson & Morrison that was submitted earlier this week. Goldner Hawn was the original bidder in the spring, but Sun Capital stepped in earlier this month with its own offer. Executives expect the latest version of the deal to close in December or January.

According to a company release, Goldner Hawn had also submitted a $29 bid, but ShopKo executives decided to go with Sun Capital based on "financial resources, experience in the retail industry, relationships with the key retailer vendors and other suppliers," and other reasons.

ShopKo operates 137 of its namesake general merchandise stores, as well as 218 Pamida units, a smaller-format concept in small markets. The retailer's September sales dropped 4.6%, to $250.7 million, from the same period last year. Its year-over-year same-store sales dropped 4.6% as well.