West Marine said it has faced ongoing challenges in recent years, including supply chain disruptions, severe weather events, and changing consumer spending habits.
Despite the bankruptcy, West Marine reported that approximately 200 of its stores across 34 states and Puerto Rico will remain open, and customers can continue shopping both in-store and online. The company did not specify any store closures or layoffs.
In a statement released on Sunday, the company said, "West Marine is open for business."
CEO Paulee Day emphasized the company’s commitment to serving the boating community during the restructuring process, stating, “West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission.”
Day added, “The actions we are taking today will allow us to optimize our operations and rationalize our footprint, so that we can focus on continuing to serve our customers and community well into the future. I thank our dedicated Crew Members, our loyal customers and partners, and our financial partners for their continued support.”
The restructuring agreement has the backing of over 96 percent of term loan lenders, all FILO lenders, and nearly 94 percent of equity holders.
As part of the bankruptcy, West Marine said that secured lenders agreed to allow the company to use cash collateral to fund operations, pay employees, maintain benefits, and continue customer programs. The lenders also committed to providing new financing to help support the company’s exit from Chapter 11.
The bankruptcy filing also lists several major unsecured creditors, such as trade vendors. Garmin International is listed as the largest unsecured creditor, owed about $8.57 million, with other creditors including Virtual Supply Inc., Sierra International Inc., East Penn Manufacturing Co. Inc., 3M, Raymarine, Xylem, and Navico.
Founded in 1968, West Marine began as a small rope business in California and has since expanded into one of the country’s largest marine retail chains, serving recreational boaters, anglers, and marine industry professionals.
The company sells boating supplies, marine electronics, fishing equipment, safety gear, dock products, and maintenance supplies through retail stores, online sales, and its West Marine Pro App.