West Marine Files Bankruptcy to Cut Debt, Close More Stores

Boating supply retailer West Marine Inc. filed for bankruptcy protection, citing weaker sales as consumers pull back on outdoor recreation because of inflation and several years of severe weather.

The 58-year-old company has reached a deal with key creditors to either find a buyer while under court protection or hand control to lenders owed $251 million, according to court documents filed Sunday.

“Given the longstanding impacts of the post-COVID-19 economy, consumers have been shifting their priorities and spending habits, which has translated to declining company sales,” Chief Executive Officer Paulee Day said in a court filing.

West Marine is ...