West Marine, an American retailer specializing in boating supplies and fishing gear has entered into a restructuring support agreement with key financial stakeholders and filed for Chapter 11 bankruptcy protections as it works to reduce debt and stabilize operations.
According to the company, the agreement has backing from 96.2 percent of its term loan lenders, 100 percent of its FILO lenders, and 93.9 percent of its equity holders. The restructuring is intended to address the company’s capital structure, improve liquidity, and position the business for long-term sustainability.
“West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission,” said CEO Paulee Day. “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.”
The company emphasized that operations will continue uninterrupted during the Chapter 11 process. Customers will still have access to products through roughly 200 retail locations across 34 states and Puerto Rico, as well as through its online platforms and mobile app.
West Marine said it has secured access to cash collateral from lenders to fund day-to-day operations throughout the restructuring and has also lined up additional financing to support its eventual exit from Chapter 11. The company has filed standard first-day motions seeking court approval to continue paying employees and maintaining customer programs.
Company officials pointed to ongoing challenges across the boating sector, including supply chain disruptions, extreme weather, and shifting consumer demand, as contributing factors behind the filing. The restructuring is aimed at strengthening the balance sheet and improving financial flexibility.
Despite the bankruptcy proceedings, West Marine said it will continue fulfilling orders, honoring warranties and returns, and maintaining its role as a supplier of marine parts and equipment for both recreational boaters and industry professionals.
Founded in 1968, West Marine has grown into one of the country’s largest marine retailers, supplying electronics, safety gear, and maintenance products to a wide range of customers across the boating community.
