Retailer West Marine Readies Possible Bankruptcy to Close Stores

Boat retailer West Marine Inc. is laying the groundwork for a potential Chapter 11 bankruptcy to restructure its debt, including leases, according to people with knowledge of the matter.

The privately held company, controlled by Oaktree Capital Management and L Catterton, is planning to close a number of locations as part of the workout talks, said the people, who asked not to be identified discussing a private matter. The chain’s website lists more than 230 boating-supply and fishing-focused stores across the country.

While a Chapter 11 is emerging as the most likely outcome for the restructuring talks, discussions are ongoing ...