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West Marine closing 59 stores after Chapter 11 filing
West Marine is closing 59 stores across 23 states after filing for Chapter 11 bankruptcy last month. The boating retailer cited supply chain disruptions and weather events.
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West Marine is closing 59 stores across 23 states as it works through a Chapter 11 bankruptcy filed last month. The Fort Lauderdale-based boating and fishing retailer submitted a list of locations it intends to shutter, part of a restructuring plan that aims to cut debt and improve its balance sheet.
The company said supply chain disruptions, extreme weather, and shifting consumer behavior pushed it into financial trouble. It has more than 200 retail locations across 34 states and Puerto Rico, so the closures represent roughly a quarter of its footprint.
"After productive discussions with key advisors, we've reached an agreement to pursue a strategic reorganization that will address our capital structure while maximizing value for all our stakeholders," West Marine said in a statement.