Fort Lauderdale-based marine retailer has pursued Chapter 11 proceedings. According to its petition, West Marine, Inc. has more than 100,000 creditors, with estimated assets and liabilities ranging between $500 million and $1 billion.
The 58-year-old retailer is expected to continue operating throughout the bankruptcy proceedings. The company plans to readjust its finances after reaching a restructuring support agreement (RSA) with its lenders.
West Marine, Inc. Seeks Chapter 11 Protection
Amid severe financial pressures, the company voluntarily filed for Chapter 11 on May 17, 2026. The petition, as available on PACER, lists 8 related entities entering Chapter 11, including the company. The entities include subsidiaries and holding companies tied to West Marine’s corporate structure.
- West Marine, Inc.
- Marine One Holdco, LLC
- Marine One Parent, Inc.
- Rising Tide Holdings Inc.
- Rising Tide Parent Inc.
- Seascapes, Inc.
- W Marine Management Company, Inc.
- West Marine Products, Inc.
The proceedings of each of these entities are taking place in the U.S. Bankruptcy Court for the District of Delaware.
West Marine, Inc. is receiving legal representation from attorney Michael R. Nestor of Young Conaway Stargatt & Taylor, LLP. Company CEO Paulee Day signed the petition.
Company Reached a Restructuring Support Agreement
According to Businesswire, along with its affiliates and subsidiaries, West Marine, Inc. entered into an RSA with several financial stakeholders before the bankruptcy filing. The different stakeholders included 96.2% of its term loan lenders, 100% of its FILO lenders, and 93.9% of its equity holders.
This move is intended to reduce its debt, maximize its existing value, and keep serving the boating community.
In a statement, Paulee Day said, “West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission. The actions we are taking today will allow us to optimize our operations and rationalize our footprint, so that we can focus on continuing to serve our customers and community well into the future.”
“I thank our dedicated Crew Members, our loyal customers and partners, and our financial partners for their continued support,” Day added.
The latest series of actions by the company is a result of headwinds facing the boating industry. Supply chain disruptions, consumer behavior changes, and extreme weather events are a few of the factors that have led to the ongoing situation.
Operations to Continue as Normal
The Businesswire news release states that, despite the bankruptcy, West Marine will continue its normal business operations. Customers of the marine and boating supplies retailer can get products from across its 200 locations spanning 34 states and Puerto Rico. The company’s online platforms and the West Marine Pro App are also set to be operational throughout the proceedings.
To support ongoing operations, the company has received lender backing for the use of cash collateral. Lenders also agreed to provide financing to support the company’s emergence from Chapter 11.
West Marine, Inc. submitted customary first-day motions with the court requesting authority to continue paying employee wages and benefits alongside maintaining its customer programs.
The retail company expects approval for the motions shortly.
Highlights from the Petition
Case filings state that the company has submitted a list of the 30 largest unsecured creditors who are not insiders. Some of them include Garmin International, Inc., Virtual Supply, Inc., Facility Solutions Group, Inc., Pure Fishing, Inc., New Nautical Coatings, Inc., and more.
The total sum of these unsecured claims, as given in the petition, is more than $65 million. Court filings indicate that funds will be available for distribution to the unsecured creditors.
Filings included a consolidated corporate ownership statement and a list of equity security holders.
A summary of the Chapter 11 petition is shared here:
- Filing Date: May 17, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-10794
- Estimated Assets: Between $500,000,001 – $1 billion
- Estimated Liabilities: Between $500,000,001 – $1 billion
- Estimated Creditors: More than 100,000
- Reason for Filing: Restructure business under court supervision
About the Company
Founded in 1968 by Randy Repass, the retail company offers a range of marine parts and boating, fishing, and sailing accessories. The company began as a small, California-based rope business, but now has 200-plus stores across the country.
The company’s offerings include marine electronics, safety gear, maintenance supplies, and more.
The latest filing marks a notable financial turning point for West Marine as the company continues operating nationwide. With creditor support secured ahead of the filing, the company is expected to streamline its finances and strengthen long-term business stability.
