The largest boating supplies store in America is closing 59 stores across the country after filing for bankruptcy.
West Marine, a major Florida-based boating and marine supply retailer, announced May 17 that it had filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
“Like many in the boating community, West Marine has faced headwinds in recent years, including supply chain disruptions, extreme weather events, and shifts in consumer behavior,” said CEO Paulee Day in a news release.
The company said in its petition that 59 stores will be shuttered nationwide — more than a quarter of their 200 locations across 34 states and Puerto Rico — in a “proactive step” in attempting to restructure its operations.
“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,” Day said.
According to a June 1 petition, the chain is closing stores in 23 states: 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.
Florida faces the most closures, with eight locations closing their doors, including those in Jacksonville and Orlando.
West Marine said that it will continue to analyze its portfolio and that even more stores might be forced to close.
Throughout the bankruptcy process, the company requested financial authority to continue to pay employees their salaries and benefits without disruption.
The company said that after filing for bankruptcy, the plan involves “strengthening the balance sheet, reducing debt levels and improving financial flexibility.”
West Marine said in its release that it was “business as usual” for the company during the process, and that customers can still get their products at the locations that remain open in 34 states and Puerto Rico, as well as its online platforms.
“Throughout this process, West Marine remains focused on delivering the top-quality marine products, service, and expertise that customers have come to expect,” the release said.
“Customers can shop with confidence knowing that West Marine is committed to fulfilling orders and honoring warranties and returns, and to achieving its mission of helping boaters spend more time on the water.”
West Marine has not confirmed when the stores will close their doors. The next hearing is scheduled for Thursday.
The brand’s financial decline comes as more Americans are ditching their boat days this summer due to rising costs of fuel, according to a recent report by motor giant AAA.
