West Marine Shuts 59 Stores in Chapter 11 Over $549.2 Million Debt
Updated
Updated · Newsday · Jun 15
West Marine Shuts 59 Stores in Chapter 11 Over $549.2 Million Debt
3 articles · Updated · Newsday · Jun 15
Summary
Port Washington is among 59 West Marine stores slated to close nationwide under the boating retailer’s Chapter 11 restructuring, with two other New York locations—Watertown and Irondequoit—also on the list.
West Marine filed for bankruptcy protection on May 17 with about $549.2 million in outstanding debt, using Chapter 11 to reorganize rather than liquidate.
200 stores and 2,600 employees were in the company’s U.S. and Puerto Rico footprint as of the petition date; four Long Island stores remain open in West Islip, Riverhead, Huntington and Patchogue.
Long Island competition from smaller marine shops and online retailers added pressure, with an industry trade-group executive saying West Marine was slower to pivot to ecommerce.