West Marine Inc. said June 15 it is closing 59 stores, including two in the Jacksonville area, after filing for a Chapter 11 bankruptcy reorganization in May.<\/p>\n
The boating supply company is closing stores at 14180 Beach Blvd. in Jacksonville and at 474347 E. State Road 200 in Fernandina Beach, according to its website.<\/p>\n
The website lists three other Northeast Florida stores that are remaining open: at 4874 Big Island Dr. in the Markets at Town Center; at 4524 St. Johns Ave. in Roosevelt Plaza; and at 1030 S. Ponce de Leon Blvd. in St. Augustine.<\/p>\n
The closures also include a Palm Coast store at 250 Palm Coast Parkway.<\/p>\n
West Marine did not say when the closings will take effect.<\/p>\n
Fort Lauderdale-based West Marine filed a Chapter 11 reorganization plan, with the support of its creditors, May 17 in U.S. Bankruptcy Court for the District of Delaware.<\/p>\n
West Marine, founded in California in 1968, operated about 200 stores in 34 states and Puerto Rico when it filed for Chapter 11.<\/p>\n
The company\u2019s disclosure statement filed in bankruptcy court said industry conditions forced it to seek a reorganization.<\/p>\n
\u201cDespite its impressive growth in the marine aftermarket industry, the Company has recently faced significant pressures from inflation, macroeconomic volatility, a suboptimal retail footprint, and certain operational challenges. These challenges have strained the Company\u2019s liquidity profile and ability to invest in its business,\u201d it said.\u00a0<\/p>\n
\u201cThe Company is currently burdened by underperforming and unprofitable stores which it has been unable to efficiently rationalize outside of chapter 11 due to the Company\u2019s long-term lease obligations. Additionally, extreme weather conditions during the Company\u2019s peak season in the summers of 2024 and 2025 have negatively impacted in-store and eCommerce sales,\u201d it said.<\/p>\n
With creditors backing the reorganization, the company said in the disclosure statement it expects to emerge from bankruptcy in August.<\/p>\n
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