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West Marine files for bankruptcy; to ‘rationalize’ footprint

The nation’s largest retailer of boating and marine supplies has filed for Chapter 11 bankruptcy protection as its looks to restructure its debt and lease obligations. 

West Marine said it has entered into a restructuring support agreement with the support of its key financial stakeholders — including 96.2% of its term loan lenders, 100% of its FILO lenders and 93.9% of its equity holders — to pursue a comprehensive restructuring transaction that will allow it to “deliver its capital structure while maximizing value and ensuring continued service to the boating community.”

In late April, Bloomberg Law reported that West Marine held talks with its owners Oaktree Capital Management and L Catterton about how to overhaul its debt in conjunction with a business shift aimed at addressing its leases.

West Marine files for bankruptcy; to ‘rationalize’ footprint | Chain Store Age

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