Major US fishing and boating retailer files for bankruptcy protection

One of North America’s leading suppliers of fishing tackle and boating accessories has filed for Chapter 11 bankruptcy protection.

Fort Lauderdale-based West Marine, which has more than 200 stores across the US will continue to trade while restructuring its debts under court supervision to avoid going out of business. The firm says that it hopes to emerge from Chapter 11 by mid-August.

Paulee Day, Chief Executive of West Marine, said: “The company has been a trusted partner to the boating community for decades and we remain deeply committed to that mission. The actions we are taking allows us to optimise our operations and rationalise 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.”

It is being reported that West Marine plans to move its retail operations towards an ‘omni-channel’ model, integrating in-store and online sales, while adapting its physical outlets to better serve professionals in the boating sector.

The restructuring comes around three years after West Marine completed a debt deal – known as a liability management exercise – in which one of its owners, L. Catterton, agreed to provide fresh capital to the retailer.