Boating supply retailer to close 4 stores in region after Chapter 11 filing

Fort Lauderdale-based boating supply company West Marine plans to close four stores in the region. The company's announcement that it plans to shutter 59 locations comes about a month after it filed for Chapter 11 bankruptcy, citing headwinds including consumer behavior shifts and severe weather.

Stores in Venice, Port Charlotte, Bonita Springs and Winter Haven are among those set to close. Around the state, others on the closure list are in Jacksonville, Orlando, Palm Coast and Fernandina Beach. In all, the company plans to close 59 stores nationwide. Florida is the hardest hit with eight, followed by Michigan, where the company is closing six stores.

The closures represent a reduction of about 30% of West Marine’s retail footprint. The company had approximately 200 stores across 34 states and Puerto Rico when it filed Chapter 11 on May 17, according to court filings. It also had 2,600 employees, whom it calls “crew members,” on staff. 

Closing nearly 60 stores will free up funds as West Marine seeks to restructure its debt. Its approximately 200 leases require about $55 million annually in rent, according to court filings. As a result, the company has been “burdened by underperforming and unprofitable stores that it has been unable to efficiently rationalize outside of Chapter 11 due to the company’s long-term lease obligations,” West Marine CEO Paulee Day said in a May 17 statement accompanying the bankruptcy filing.

“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,” Day said in a release after filing Chapter 11.

Illinois-based Hilco Merchant Resources LLC and Hilco Real Estate LLC will help wind down stores and liquidate inventory, according to court records. A representative for West Marine said the company was unable to comment on the timing of the store closures, in response to an inquiry from the Business Observer. However, marine industry trade publication Powerboat News says that liquidation sales at impacted stores will run through late September.

The restructuring comes after West Marine has seen a drop in revenue over the past couple of years, according to its bankruptcy filing, which says it posted $690.1 million in revenue in 2025. That was down about 8% from nearly $750.02 million in 2024. So far in 2026, from Dec. 28, 2025, to May 17, 2026, the company has reported about $248.91 million in revenue.

As of its bankruptcy filing date in mid-May, West Marine had $21.5 million in liquidity, Day said, and the company had $549.2 million in outstanding debt obligations.

Among the factors leading to its financial crisis was a post-pandemic shift in discretionary spending, according to Day.

“During the COVID-19 pandemic, the company accelerated its growth strategy to meet increased demand driven by a shift toward outdoor recreation,” Day said in court documents. West Marine expanded its products to include more apparel, footwear, accessories and water toys.

“Soon after this expansion, however, consumer discretionary spending contracted,” Day said. “The company experienced supply chain disruptions, and frequent, severe weather during peak boating seasons dampened demand, leaving the company with aging inventory across a wide footprint.”

Specifically, Day noted that extreme weather hit during West Marine’s peak season of summer in 2024 and 2025. In 2026, she added, the boating, marine and outdoor sectors continue to struggle due to inflation and elevated diesel prices as well as the “volatile tariff environment.”

Chicago investment banking firm Portage Point has been providing services to West Marine connected to a Chapter 11 restructuring, sale and/or financing transaction, according to court documents. So far, the firm says in court records, 17 potential purchasers have signed confidentiality agreements and several other parties may execute similar agreements to access diligence information. 

A schedule for the potential sale of the company has been set. The Delaware bankruptcy court, where the case was filed, has approved a bid deadline of June 26, with a potential auction date of June 29 if needed. West Marine will seek approval of the sale at an Aug. 3 hearing.