Boating and fishing retailer West Marine is working with financial and legal advisors to evaluate financial options, including filing for Chapter 11 bankruptcy protection, in order to restructure debt and close underperforming stores following a slump in discretionary spending, according to a report from Bloomberg.
The retailer held late-April talks with its owners Oaktree Capital Management and L Catterton, about how to overhaul its debt in conjunction with a business shift aimed at addressing its leases, according to one source. The privately held company is reportedly planning to close “a number of locations” as part of the restructuring, according to the unnamed sources.
The same sources suggest that a Chapter 11 bankruptcy seems the most likely outcome for the restructuring talks, although discussions are ongoing, and no final terms have been made.
The restructuring comes as West Marine is planning to shift retail operations towards an “omnichannel” model, integrating in-store and online sales, while adapting its physical outlets to better serve professionals in the boating sector, Bloomberg reported in April.
In 2023, West Marine restructured roughly $800 million of existing debt through out-of-court proceedings supported by L Catterton. The process included $125 million in new capital from L Catterton as well as a group of existing lenders, alongside the conversion of roughly $660 million of debt into equity warrants. As part of the restructuring, L Catterton provided roughly two-thirds of the new money and agreed to subordinate its own borrowings in the repayment hierarchy to provide fresh capital to the retailer while retaining control of the business.
L Catterton, a consumer-focused private equity firm, acquired a controlling interest in West Marine from Monomoy Capital Partners in April 2021. Oaktree established joint control of West Marine as part of the 2023 debt restructuring.
West Marine is working with Portage Point Partners, FTI Consulting and Kirkland & Ellis on the potential restructuring. Representatives with West Marine and Oaktree declined to comment on the new, while messages left with L Catterton were not returned.
Based in Fort Lauderdale, FL and founded in 1968, West Marine operates over 230 stores in North America and an e-commerce site. Major brands sold at the chain include Garmin, Starlink, Pettit Paint, Taylor Made, Simrad, Suzuki, New England Ropes, Ancor, Yamaha, Rule Industries, Orion, West System, 3M, Marinco, Yeti, Odyssey, and Mercury Marine. It also sells product under the West Marine, Seafit and Seavolt private labels.
The chain is led by Paulee Day, who was promoted from COO to CEO in November 2025, replacing the retiring Chuck Rubin.
Image courtesy West Marine
