West Marine Completes Chapter 11 Restructuring

US Marine Retailer Cuts Debt by More Than $265m and Secures $10m in Exit Financing

West Marine has emerged from Chapter 11 following completion of a financial restructuring that has reduced the US marine retailer’s debt by more than $265m.

The company has also secured an additional $10m in exit financing as it begins operating under its revised capital structure.

West Marine said the restructuring gives the business increased financial flexibility to continue investing across its retail, digital and West Marine Pro operations.

The company will continue serving customers through approximately 100 retail locations, its online platform and its West Marine Pro business, which supplies marine industry professionals.

The completion of the restructuring leaves West Marine with a reduced debt burden and additional liquidity as it continues to focus on its core retail, online and professional customer channels.

“Today marks an important milestone for West Marine and the beginning of an exciting new chapter for our business,” said Paulee Day, CEO of West Marine. “Throughout this process, we remained focused on what matters most: serving customers, supporting the boating community, and preserving the legacy of a company that has been helping people enjoy time on the water for generations.

“Thanks to the support of our customers, vendors, partners, and financial stakeholders, and the unwavering dedication of our Crew Members, we are emerging as a stronger company positioned to build on momentum and serve the boating community for years to come.”

West Marine entered Chapter 11 in May as part of a broader effort to restructure its balance sheet and reduce debt while continuing normal operations.

Founded in 1968, the Fort Lauderdale-based company is one of the largest US retailers of marine parts and accessories, supplying recreational boaters as well as marine professionals.