West Marine to close 5 WA locations following bankruptcy filing

A major boating and marine supplies retailer, West Marine, is closing five of its Washington stores after filing for bankruptcy last month.

The Florida-based company is closing its locations in Bellingham, Bremerton, Everett, Spokane, and Port Townsend, according to West Marine.

The company filed for Chapter 11 bankruptcy protection on May 17 and is working to reduce its debt and stabilize operations after years of financial challenges.

West Maine to shutter several locations nationwide

West Marine noted the bankruptcy filing was largely due to its supply chain disruptions, changes in consumer behavior, and extreme weather events, according to a news release obtained by The Seattle Times.

In total, West Marine will shutter 59 of its stores across the country, but will continue operations in roughly 200 stores.

A spokesperson for West Marine stated that the company is currently evaluating its entire real estate portfolio in coordination with the landlords.

“We are committed to supporting affected Crew Members through this transition and will continue serving our customers at remaining locations, as well as online and through our West Marine Pro App,” the spokesperson wrote via email to The Seattle Times.

Retailer aims to emerge from Chapter 11 bankruptcy by late August

West Marine reported roughly $429.3 million in outstanding obligations, including about $251.2 million under a loan agreement administered by Wilmington Savings Fund Society in Delaware and approximately $178.1 million in asset-backed lending facilities administered by Eclipse Business Capital in Chicago, according to The Puget Sound Business Journal.

In the company’s first-day declaration, West Marine plans to address its unprofitable locations and increase efficiency as part of its restructuring plan.

“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,” CEO Paulee Day said in a statement, according to The Puget Sound Business Journal.

West Marine’s restructuring timeline lists an emergence from Chapter 11 bankruptcy by Aug. 20, which is subject to court approvals and restructuring milestones outlined in the filings. The milestones include an auction process in June, if needed, and a confirmation hearing slated for Aug. 5.

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