West Marine, the nation’s largest boating and marine supplies retailer, is closing 59 stores across 23 states as part of its Chapter 11 restructuring, according to court documents filed in June 2026.
The company filed for Chapter 11 bankruptcy protection on May 17, 2026, in the U.S. Bankruptcy Court for the District of Delaware, citing approximately $429 million in outstanding debt obligations. The store closures represent a significant reduction in the company’s retail footprint but do not signal a full liquidation.
West Marine will continue operating approximately 200 retail locations across 34 states and Puerto Rico, along with its website and mobile app, according to filings. The company said it will continue fulfilling orders, honoring warranties and returns, and maintaining customer service throughout the restructuring process, according to the National Fisherman Magazine.
The bankruptcy filing followed years of financial strain. In September 2023, West Marine completed an out-of-court restructuring involving approximately $800 million in debt, converting roughly $660 million of debt into equity warrants, according to the Wall Street Journal. That effort proved insufficient to stabilize the company’s finances.
High lease costs have been a persistent burden. The company cited more than $50 million in annual lease obligations as a key driver of its financial distress. West Marine’s aggressive expansion left it with hundreds of locations whose lease and operating costs exceeded their profitability, according to bankruptcy tracking firm Bondoro.
The restructuring reflects broader pressure on specialty retail. According to CNBC, U.S. retailers are projected to close approximately 7,900 stores in 2026, a 4.5% decline year-over-year. Several major chains have filed for bankruptcy in recent years, including Joann, Party City, Big Lots, and Rite Aid, which together drove more than half of all 2025 closure square footage.
Sources
- Boating Industry — confirmed West Marine filed for Chapter 11 on May 17, 2026, in Delaware
- Powerboat News — reported 59 store closures across 23 states from court documents
- MLive — confirmed 59 closures and 200 remaining locations across 34 states and Puerto Rico
- The Business Journals — reported $429.3 million in outstanding debt obligations
- Wall Street Journal — documented September 2023 out-of-court restructuring with $800 million debt and $660 million equity conversion
- National Fisherman Magazine — stated West Marine will continue fulfilling orders and honoring warranties during restructuring
- Bondoro — analyzed aggressive expansion leaving locations with unprofitable lease costs
- CNBC — projected 7,900 store closures in 2026 across U.S. retail
