West Marine Files Bankruptcy to Cut Debt, Close More Stores
A West Marine store in Spring Hill, Florida.
Photographer: Jeffrey Greenberg/Education Images/Universal Images Group/Getty ImagesBoating 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.