West Marine Inc., the United State’s leading omni-channel provider in the marine aftermarket, has filed for Chapter 11 bankruptcy. The company announced in a statement it has entered into a restructuring Support Agreement, backed by key financial stakeholders, to pursue a comprehensive restructuring transaction allowing West Marine to deliver its capital structure, maximize value and continue service to the boating community.
“West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission,” CEO Paulee Day said in the statement. “The actions we are taking today will allow us to optimize our operations and rationalize 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.”
According to the court filing, West Marine’s largest unsecured creditor is Garmin International, followed by Virtual Supply Inc. and Sierra International, reports Trade Only Today.
West Marine’s 200 retail locations will remain open during the restructuring, with operations funded through an agreement with the company’s secured lenders to use its cash collateral. The lenders have also committed to provide the company with new financing to support its exit from Chapter 11.
To learn more, visit westmarinerestructuring.com.
PHOTO: WEST MARINE FACEBOOK
