West Marine to Close 59 Stores as Chapter 11 Restructuring Continues

The West Marine location in Palm Coast, Florida is among those on the list for closure

According to reports from Trade Only Today, Florida-based retailer West Marine will close 59 locations amid its Chapter 11 bankruptcy proceedings.

The list of stores is available via Trade Only.

The company's home state of Florida will be the hardest hit with eight stores closing. Other major markets like Michigan will lose six locations, while Washingon and California will both lose five. South Carolina and Maryland will lose four locations. New York will lose three.

The store closure plans were disclosed in court documents filed as part of the company's ongoing bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware. Trade Only Today first reported the list of affected stores on June 9th. According to the report, the closures represent roughly one-quarter of West Marine's retail footprint of over 200 locations across North America.

The announcement follows West Marine's Chapter 11 filing on May 17th, a move the company said was intended to reduce debt and strengthen its long-term financial position. In the filing, the company cited declining demand following the pandemic-era boating boom, an evolving retail environment, rising operating costs, and an oversized store network hobbled by burdensome lease terms. Court filings indicate the company carries approximately $55 million in annual lease obligations.

According to court filings summarized by Bondoro, West Marine filed for Chapter 11 bankruptcy while carrying approximately $549 million in debt, along with a restructuring support agreement backed by the vast majority of its lenders and equity holders. The company's proposed restructuring would convert approximately $251 million of term-loan debt into equity while leaving open the possibility of a sale process if a better outcome emerges.

In one of the first declarations filed with the bankruptcy court in May, West Marine CEO Paulee Day said: “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.”

Initial reports said the company would not be closing locations during the Chapter 11 process, but evidently that will not be the case.

West Marine operates approximately 200 stores across more than 34 states and Puerto Rico and employs roughly 2,600 people. Retail operations accounted for just over 60% of company revenue in 2025, while its wholesale division, West Marine Pro, generated slightly more than 40%. The company is privately owned and controlled by private equity firms L Clatterton and Oaktree Capital.

L Clatterton joined the brand in 2023 when West Marine signed a debt deal known as a "liability management exercise." As part of the arrangement, the equity firm "agreed to push down its own borrowings in the repayment line and inject fresh money into the retailer," according to Bloomberg. In that process, West Marine restructured $800 million of its debt to avoid court proceedings and received an influx of $125 million in new funds from L Clatterton.

The retailer has not announced a timetable for all of the closures, but court approval was recently granted for store-closing sales at designated locations. According to bankruptcy case summaries, those liquidation sales may continue for up to 120 days after commencement.

West Marine has stated throughout the bankruptcy process that it intends to continue operating while restructuring. During its first Chapter 11 filings, it said the process was designed to allow normal operations to continue while it works to reduce debt and reposition the business.

The company has not yet indicated whether additional store closures could occur as the restructuring process moves forward. #news #westmarine