West Marine is planning to close 59 stores around the country as it works through bankruptcy proceedings.
The boating and fishing supply retailer based in Fort Lauderdale, Florida, filed for Chapter 11 bankruptcy protection last month and submitted a list of retail locations it intends to close amid its restructuring, which includes 59 stores in 23 states.
It said in its announcement that it has more than 200 retail locations across 34 states and Puerto Rico.
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“After productive discussions with key advisors, we’ve reached an agreement to pursue a strategic reorganization that will address our capital structure while maximizing value for all our stakeholders,” West Marine said in a statement announcing the move.
The company said that it has encountered headwinds from supply chain disruptions, extreme weather events and changes in consumer behavior that contributed to the financial difficulties that prompted the bankruptcy filing.
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It added that its restructuring plan will strengthen its balance sheet, reduce debt levels and give the firm more financial flexibility.
“West Marine has been a trusted partner to the boating community for decades. The actions we are taking today will allow us to optimize our operations so that we can continue to serve our customers and community well into the future,” West Marine CEO Paulee Day said in a statement.
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The company’s restructuring website said that West Marine plans to move through bankruptcy in an expedited process and is considering emerging from Chapter 11 by mid-August.
West Marine said it will be open for business and that customers should not expect changes to day-to-day operations throughout the duration of the bankruptcy.
The company is closing stores in: Alabama, California, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin.
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