ASHWAUBENON, Wis. (AP) — Wisconsin-based retail chain Shopko Stores has filed for bankruptcy protection as it makes plans to close more stores.

Plans include the closure of the company’s hometown store in Wetmore.

The company says excessive debt and ongoing competitive pressure are forcing it to seek protection from creditors. Shopko is reporting assets of less than $1 billion and liabilities of between $1 billion and $10 billion.

Shopko says it 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 retailer, headquartered near Green Bay, says it will close 38 more stores. Last month, it announced plans to close about 40 of its more than 300 stores across the country.

According to a list provided by the company, only one store in the Upper Peninsula — a Shopko hometown store in Wetmore — is scheduled to close. The only other two Michigan Shopko stores marked for closure are hometown stores in Standish and Dowagiac, both located downstate.

Shopko is also closing some of its pharmacies, but none are located in Michigan.