Oaktree, L Catterton-Controlled West Marine in Workout Talks

West Marine Inc. is huddling with a cadre of advisers as the boating retailer explores a debt restructuring amid burdensome leases and industry pressures, according to people familiar with the situation.

The privately held company, controlled by Oaktree Capital Management and L Catterton, is engaged in talks about how to overhaul its debt in conjunction with a business shift aimed at addressing its leases, said the people, who asked not to be identified discussing confidential details. A possible Chapter 11 filing is among the options under consideration, said the people.

West Marine is looking to pivot its retail business toward ...