Approximately $330 million of Goldner's acquisition goes toward ShopKo's debt. The retailer's shareholders will have the right to receive $24 in cash for their company. (Its shares closed at $23.03 yesterday.) ShopKo executives say they expect the deal to close in the second quarter.

Minneapolis-based Goldner has invested $470 million in 22 transactions between 1989 and 2004, according to the firm's website. No retail companies are currently listed in its portfolio, which includes Samuel Lawrence Furniture Co. and Vitality Foodservice. Goldner Hawn officials were not immediately available to comment.

ShopKo operates 140 of its namesake, large discount stores, 223 Pamida units, which sell general merchandise in rural markets, and three ShopKo Express Rx stores. ShopKo's sales have dropped in the past few months. Year-over-year same-store sales in March fell by 0.1%. In the company's latest reported financial quarter, which ended Jan. 29, its same-store sales fell 4.4% from the same year-ago period. Consolidated sales were $909.6 million, down from $952.8 million.

This year ShopKo executives planned to spend $60 million to open eight Pamidas and remodel 35 as well as renovate 16 ShopKos. Additionally, they planned to replace merchandising and replenishment systems in the company's units.