Home / Business and Economy / West Marine Eyes Bankruptcy to Shed Debt
West Marine Eyes Bankruptcy to Shed Debt
2 May
Summary
- West Marine is preparing for Chapter 11 bankruptcy.
- The company plans to close some locations.
- Oaktree and L Catterton are major investors.
Boat retailer West Marine Inc. is exploring a Chapter 11 bankruptcy to restructure its outstanding debt and leases. This potential move is being orchestrated by the company's owners, Oaktree Capital Management and L Catterton.
As part of the restructuring talks, West Marine is expected to close several of its more than 230 stores across the country. The company is also working to transition its business model towards an omnichannel strategy, integrating online and physical store sales while focusing its brick-and-mortar presence on professional clients in the boating industry.
While a Chapter 11 filing is considered the most probable resolution, negotiations are still in progress, and no definitive agreements have been reached. West Marine has engaged financial advisors to navigate these complex discussions.
