Major US tackle retailer ‘preparing’ for bankruptcy

Speculation is mounting that one of North America’s leading suppliers of boating and fishing equipment is set to file for bankruptcy.

According to a report in Bloomberg – the respected global business media outlet – West Marine, which has 230 outlets across the US, is ‘laying the groundwork’ for a potential Chapter 11 bankruptcy to restructure its debt.

West Marine, which operates out of Fort Lauderdale, Florida, is among the largest American retailers of boating, fishing, sailing and paddling supplies in the US with a major e-commerce site. It is a privately held company, controlled by asset management firm, Oaktree Capital Management and private equity firm, L Catterton.

A source is quoted as saying that the firm, which was founded in 1968, is planning to close a number of locations and move its retail operations to an ‘omni-channel’ model, integrating in-store and online sales while adapting its physical outlets to better serve professionals in the boating sector.