West Marine has cancelled an auction for the sale of its assets in bankruptcy proceedings due to a lack of qualified bids. The boating and fishing retailer now plans to move forward with its pre-arranged reorganization plan that calls for the closure of about one-quarter of its locations and an exchange of debt for equity. 

West Marine filed for bankruptcy protection on May 17, citing years of mounting pressure from high lease costs that executives said drained cash and hindered recovery efforts. Other factors in the bankruptcy included inflation and economic uncertainties that led to a pullback in discretionary spending, as well as softer demand for boating post-pandemic. Also cited in court papers were elevated inventory levels due to inefficiencies at the company’s largest distribution center and overbuying connected to the pandemic-era demand surge, the fallout from tariffs and weather disruptions that shortened key boating seasons in 2024 and 2025. 

Under the pre-petition reorganization plan filed in Delaware’s bankruptcy court, lenders will convert roughly $251.2 million in term loan claims into 100 percent of the new equity interests in the reorganized company. The Restructuring Support Agreement (RSA) was backed by 100 percent of its FILO (First In, Last Out) lenders and 96.2 percent of its term loan lenders. [1, 2] 

Under the current reorganization plan, general unsecured creditors face a “death-trap” provision that will result in little to no financial recovery. The total amount owed to these unsecured creditors — which includes major vendors like Garmin International ($8.57 million), Virtual Supply ($5.8 million), and Sierra International ($4.7 million) — ranges between $99.3 million and $109.2 million. (The Top 30 unsecured creditors list is here) 

West Marine, based in Fort Lauderdale, FL, confirmed that vendors and suppliers will be paid in full for all goods and services provided after the May 17, 2026, bankruptcy filing date. Only the debts incurred before filing are subject to losses. 

Due to the debt exchange, existing equity held by former owners L Catterton and Oaktree will be wiped out as ownership of the restructured company is transferred to lenders. 

The Combined Confirmation Hearing, initially set for July 30, has been pushed to August 11. 

As part of its bankruptcy proceedings, West Marine will be closing 59 of its roughly 200 locations. Hillco Merchant Resources, a liquidation firm, has been retained to oversee the closings. 

Beyond exiting unprofitable leases, West Marine’s repositioning plans call for a shift in focus toward its wholesale and professional division, West Marine Pro, which accounts for over 40 percent of the company’s total revenue. The wholesale division targets marine mechanics and technicians, fleet operators and marina managers, boat builders and dealers, and government institutions that maintain maritime assets. 

The company’s remaining retail stores are being remodeled to prioritize marine service professionals over general retail, reducing space for “frill” items and increasing bulk parts inventory. 

The company is also blending its in-store and online operations, including linking in-store inventory with online retail and the West Marine Pro app. The West Marine Pro app recently underwent an upgrade that added real-time in-store inventory, wholesale pricing and barcode scanning for marine professionals. 

The states hit hardest by the pending closures include Florida (eight stores closing), Michigan (six stores closing), California (five stores closing), and Washington (five stores closing). 

Below is the full list of West Marine’s planned closures:

Alabama

  • WMX Dog River, 5004 Dauphin Island Pkwy, Mobile, AL, 36605-9644

California

  • WM Chula Vista, 630 Bay Blvd Ste 103, Chula Vista, CA, 91910
  • WMX Monterey, 2024 Del Monte Ste A, Monterey, CA, 93940
  • WM Oceanside, 1719 Oceanside Blvd, Oceanside, CA, 92054
  • WM Antioch, 4645 Century Blvd, Pittsburg, CA, 94565
  • WM Redding, 2607 Bechelli Lane, Redding, CA, 96002

Florida

  • WM Bonita Springs, 28520 Bonita Crossings Blvd Ste 1, Bonita Springs, FL, 34135
  • WM Fernandina, 474347 E State Road 200, Fernandina Beach, FL, 32034
  • WM Jacksonville Beach, 14180 Beach Blvd Ste 4, Jacksonville Beach, FL, 32250
  • WM South Orlando, 7478 S Orange Blossom Trl Ste A, Orlando, FL, 32809
  • WM Palm Coast, 250 Palm Coast Pkwy NE Unit 507, Palm Coast, FL, 32137
  • WM Pt. Charlotte, 4265 Tamiami Trail, Port Charlotte, FL, 33980
  • WM Venice, 1860 Tamiami Trail S, Venice, FL, 34293
  • WM Winter Haven, 1107 3rd Street SW Ste 8, Winter Haven, FL, 33880

Georgia

  • WM Savannah, 7700 Abercorn St, Savannah, GA, 31406

Illinois

  • WM Fox Lake, 2 W Grand Ave, Fox Lake, IL, 60020
  • WM Winthrop Harbor, 1707 7th St, Winthrop Harbor, IL, 60096

Louisiana

  • WM Lafayette, 2668 Johnston St Ste B-2, Lafayette, LA, 70503

Maine

  • WM Portland, 12 Marginal Way, Portland, ME, 04101
  • WM Southwest Harbor, 11 Apple Lane, Southwest Harbor, ME, 04679

Maryland

  • WM Baltimore Harbor, 2700 Lighthouse Pt E Ste 100, Baltimore, MD, 21224
  • WM Edgewater, 3257 Solomon’s Island Rd Ste B2, Edgewater, MD, 21037
  • WM Ocean City, 12638 Ocean Gateway Units 1-5, Ocean City, MD, 21842
  • WM Rock Hall, 21386 Rock Hall Avenue, Rock Hall, MD, 21661

Massachusetts

  • WM Marblehead, 32 Atlantic Ave, Marblehead, MA, 01945
  • WMX Vineyard Haven, 52 Beach Rd, Vineyard Haven, MA, 02568

Michigan

  • WM Bay City, 4128 Wilder Rd, Bay City, MI, 48706
  • WM Grand Haven, 810 Jackson St, Grand Haven, MI, 49417
  • WM Muskegon, 2492 Henry St Ste B, Muskegon, MI, 49441
  • WM Petoskey, 105 West Mitchell St, Petoskey, MI, 49770
  • WM St. Clair Shores, 25050 Jefferson Ave, St. Clair Shores, MI, 48080
  • WM Troy, 789 E Big Beaver Rd, Troy, MI, 48083

Missouri

  • WM Osage Beach, 3872 Osage Beach Pkwy, Osage Beach, MO, 65065

Nevada

  • WM Reno, 2505 Mill St, Reno, NV, 89502

New Jersey

  • WM Cape May, 791 Route 109, Cape May, NJ, 08204
  • WM Eatontown, 178 State Route 35 S, Eatontown, NJ, 07724
  • WM Toms River, 213 Route 37 East, Tom’s River, NJ, 08753

New York

  • WM Rochester, 1850 Ridge Road East, Irondequoit, NY, 14622
  • WM Port Washington, 16 Soundview Marketplace, Port Washington, NY, 11050
  • WM Watertown, 21214 Pioneer Plaza Dr, Watertown, NY, 13601

North Carolina

  • WMX Oriental, 1104 Broad St Ext, Oriental, NC, 28571
  • WM Raleigh, 3027 Capital Blvd Ste 111, Raleigh, NC, 27604

Ohio

  • WM Cleveland, 1577 Saint Clair Ave NE, Cleveland, OH, 44114
  • WM N. Olmsted, 24781 Lorain Rd, North Olmsted, OH, 44070
  • WM Sandusky, 207 E Water St, Sandusky, OH, 44870

Oregon

  • WM Tigard, 15230 SW Sequoia Pkwy Ste 190, Tigard, OR, 97224

Pennsylvania

  • WM Bensalem, 2126 Street Rd, Bensalem, PA, 19020

South Carolina

  • WM Anderson, 3501-2 Clemson Blvd Ste 110, Anderson, SC, 29621
  • WM Murrells Inlet, 12078 Highway 17 Bypass Unit A, Murrells Inlet, SC, 29576
  • WM North Myrtle Beach, 1288 Highway 17 N, North Myrtle Beach, SC, 29582
  • WMX Port Royal, 1347 Ribaut Road Ste B, Port Royal, SC, 29935

Tennessee

  • WM Knoxville, 7812 Kingston Pike, Knoxville, TN, 37919

Virginia

  • WM Glen Allen, 10819 W Broad St, Glen Allen, VA, 23060

Washington

  • WM Bellingham, 3560 Meridian St, Bellingham, WA, 98225
  • WM Bremerton, 5971 State Hwy 303 NE, Bremerton, WA, 98310
  • WM Everett, 1716 West Marine View Dr, Everett, WA, 98201
  • WM Port Townsend, 2428 Washington St, Port Townsend, WA, 98368
  • WM Spokane, 5306 East Sprague Ave, Spokane, WA, 99212

Wisconsin

  • WM Milwaukee, 4141 S 76th St, Greenfield, WI, 53220

Image courtesy West Marine