Pure Fishing listed as major West Marine creditor

As the head of the business insisted that the company is not liquidating, the full extent of the debt of fishing tackle and boating accessories retailer West Marine was disclosed.

As reported earlier this week, the Fort Lauderdale, Florida, trader filed for Chapter 11 bankruptcy protection. A review of its debt has been revealed as in excess of $65m with its main creditor listed as electronics giant, Garmin, which is owed $8.57m. Pure Fishing – the world’s largest fishing tackle supplier – is said to be owed $2.11m.

Earlier this week, West Marine CEO, Paulee Day, held a Zoom session to calm concerns about the future of the company. “I am asking for your partnership as we lay a new foundation for the future of West Marine, creating a stronger business for all of you, the industry and the many boaters and marine professionals that depend on us,” she is quoted as saying in Trade Only Today.

“Regarding our recent announcement, we have been working over the past several months with our key financial stakeholders to determine a path forward that will best secure our longevity and makes us a sustainable company for years to come.”

Day confirmed that West Marine stores and online shopping portals remain open and functioning and that it is not liquidating assets. She added that it plans to emerge from bankruptcy in mid-to-late August.

“The positive aspect is that we have the support of virtually all of our lenders and equity holders – allowing us to expediate this process with a contemplated emergence date in August.”

“We are taking the proactive step of facing our challenges head-on in order to fix them and to ensure our longevity. In the short term, and as reviewed in my letter sent to you on Monday … all payments delivered to the company after the date of filing will be made in the ordinary course of business.”

“I often use the analogy with our crew members that if we are on a boat together in choppy seas, by working together with all hands on deck and through transparency, collaboration and great teamwork, acting as one crew, we can chart the course and navigate together to smoother seas. Thank you in advance for navigating those seas with us. By working together effectively, we will succeed together by keeping the boating community strong, active, healthy and growing.”