West Marine Files For Bankruptcy

US Marine Equipment Retailer Continues Operations with Support of Creditors as it Embarks on Reorganization Effort.

As previously reported, Fort Lauderdale, US-based marine equipment retailer West Marine has filed for Chapter 11 bankruptcy protection.

In an official statement the company says it remains open for business at its more than 150 retail locations and its online platforms, including the West Marine Pro App.

“West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission,” said West Marine 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. I thank our dedicated crew members, our loyal customers and partners, and our financial partners for their continued support.”

The company notes it has secured the support of its key financial stakeholders, including 96.2% of its term loan lenders, 100% of its FILO lenders, and 93.9% of its equity holders, to pursue its restructuring plans. Day notes that an agreement with secured lenders permits the firm use its cash collateral, providing West Marine with sufficient liquidity to meet its obligations to customers, employees, and vendors. They have also committed to providing the firm with new financing in support of its exit from Chapter 11.

Further, West Marine has filed customary first day motions with the Bankruptcy Court seeking authority to continue operations without disruption, including continuing to pay employee wages and benefits and to maintain its customer programs. The Company expects to receive approval for these requests shortly.

Moving forward, Bankruptcy Court filings and other information regarding the firm can be found at https://www.veritaglobal.net/westmarine