FORT LAUDERDALE, Fla. — West Marine, the nation’s largest boating retailer, has filed for Chapter 11 bankruptcy and plans to close 59 stores nationwide.
The company, headquartered in Fort Lauderdale, Florida, sought bankruptcy protection in a filing on May 17, according to court records from U.S. Bankruptcy Court for the District of Delaware, calling it a “proactive step.”
“Like many in the boating community, West Marine has faced headwinds in recent years, including supply chain disruptions, extreme weather events, and shifts in consumer behavior,” West Marine said in a news release. “(The filing) addresses these challenges by strengthening the balance sheet, reducing debt levels, and improving financial flexibility.”
The company stated that it had entered into a restructuring support agreement and was supported by the company’s “key financial stakeholders.”
West Marine has 200 retail locations across 34 states and Puerto Rico, and also has an online presence.
The 59 locations are spread across 23 states. Florida has the most closures with eight, including stores in Jacksonville and Orlando.
There are also outlets in Georgia, Massachusetts, North Carolina, Ohio, Pennsylvania, South Carolina and Washington.
West Marine said in its release that it was “business as usual” for the company.
“Throughout this process, West Marine remains focused on delivering the top-quality marine products, service, and expertise that customers have come to expect,” the company wrote. “Customers can shop with confidence knowing that West Marine is committed to fulfilling orders and honoring warranties and returns, and to achieving its mission of helping boaters spend more time on the water.”
The next hearing is scheduled for Thursday, according to court documents.
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