Leading US tackle supplier cuts debt by more than $265m

West Marine – one of North America’s leading suppliers of fishing tackle – has emerged from Chapter 11 bankruptcy following a financial restructuring that has reduced its debt by more than $265m.

Water World Wire reports that the company has also secured an additional $10m in exit financing as it begins operating under its revised capital structure. The business says that the restructuring gives its increased financial flexibility to continue investing across its retail, digital and West Marine Pro operations.

The retailer filed for Chapter 11 bankruptcy protection in May this year. “Today marks an important milestone for West Marine and the beginning of an exciting new chapter for our business,” said Paulee Day, CEO of West Marine. “Throughout this process, we remained focused on what matters most: serving customers, supporting the boating community and preserving the legacy of a company that has been helping people enjoy time on the water for generations.

“Thanks to the support of our customers, vendors, partners and financial stakeholders – and the unwavering dedication of our crew members – we are emerging as a stronger company positioned to build on momentum and serve the boating community for years to come.”

Founded in 1968, the Fort Lauderdale-based company is one of the largest US retailers of marine parts, accessories and fishing tackle, supplying recreational boaters as well as marine professionals.