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EXHIBIT 99.3
[SHOPKO LOGO]
NEWS RELEASE
For further information contact:
Sheree Olson
Director of Public Relations
(920) 429-4186
Investor Contact: Vicki Shamion
(920) 429-7039
CHIEF FINANCIAL OFFICER RESIGNS FROM
SHOPKO STORES, INC.
GREEN BAY, Wis. (June 23, 2000) - ShopKo Stores, Inc. (NYSE:SKO) today announced
that Sr. Vice President, Chief Financial Officer Paul H. Freischlag, Jr. has
resigned in order to pursue other business opportunities which will further
leverage his experience in international and corporate transactions. Freischlag
has agreed to stay with ShopKo through July 28, 2000. His successor has not been
named.
Of Freischlag's two year tenure at ShopKo, William J. Podany, chairman,
president and chief executive officer said, "Paul has made many valuable
contributions to the company's success and in planning and executing a number of
key strategic initiatives that have greatly enhanced ShopKo's position in the
marketplace. Paul came to us with deep experience in international and corporate
transactions, which has helped ShopKo complete the divestiture of ProVantage,
the acquisition of several retail companies, and numerous other financial
transactions. We want to thank Paul for his service to ShopKo and wish him well
in his future endeavors."
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Freischlag said, "I feel proud of what I have accomplished in my tenure with
ShopKo. I have groomed a financial team that is ready to assume the leadership
responsibilities that will lead this strong organization into the future."
ShopKo Stores, Inc., a Fortune 500 company headquartered in Green Bay, Wis.,
operates 327 retail stores in 22 states, primarily in the Midwest, Western
Mountain and Pacific Northwest regions. Retail operations include 162 specialty
discount stores operating under the ShopKo name in mid-sized and larger cities,
and 165 Pamida discount stores in smaller, rural communities. For more
information about ShopKo, Pamida or ProVantage, visit our web site at
www.shopko.com.
This press release contains forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to important factors which could cause ShopKo's
actual results to differ materially from those anticipated by the
forward-looking statements. These factors include those referenced in ShopKo's
Annual Report on form 10-K or as may be described from time to time in ShopKo's
subsequent SEC filings.
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