West Marine plans to close 59 stores in 23 states as part of its Chapter 11 bankruptcy restructuring, according to recent documents filed in the U.S. Bankruptcy Court for the District of Delaware.
Stores set to close are in Alabama, California, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin.
The filing did not specify when the proposed stores would close or why they were chosen for closure. The notice of the store closing list was filed on June 1, with an objection deadline of June 8, and a hearing scheduled for June 11.
At the time of the bankruptcy filing, West Marine said approximately 200 stores in 34 states and Puerto Rico would remain open and continue serving customers during the restructuring process. The company also stated that its website, customer programs, and day-to-day operations would continue without interruption.
In a statement released when the bankruptcy case was filed, Chief Executive Officer Paulee Day said, “West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission.”
Day added that the restructuring would allow the company to “optimize our operations and rationalize our footprint” while continuing to serve customers and boating communities.
Court filings show the restructuring support agreement is backed by 96.2 percent of the company’s term loan lenders, all FILO lenders, and 93.9 percent of equity holders.
West Marine also secured access to cash collateral and additional financing to support operations during bankruptcy and fund its expected emergence from Chapter 11.
Court records list Garmin International as West Marine’s largest unsecured creditor, with approximately $8.57 million in claims. Other major unsecured creditors include Virtual Supply Inc., Sierra International Inc., East Penn Manufacturing Co. Inc., 3M, Raymarine, Xylem, and Navico.
Founded in 1968 as a small rope business in California, West Marine grew into one of the country’s largest marine retail chains, selling boating supplies, marine electronics, fishing equipment, safety gear, and maintenance products through stores, online channels, and commercial operations.