West Marine has emerged from Chapter 11 bankruptcy protection after completing a major financial restructuring that cut its debt by more than $265 million and secured $10 million in exit financing.
The boating retailer filed for bankruptcy protection on May 17, 2026, after Bloomberg reported in May that the company was preparing for a potential Chapter 11 filing.
The restructuring marks another major financial reset for West Marine. The company had already undergone a significant debt restructuring in 2023, when about $800 million of debt was restructured through out-of-court proceedings.
West Marine cuts debt by more than $265 million
As part of its latest restructuring, West Marine reduced its debt by more than $265 million and secured an additional $10 million in exit financing to support its next phase of operations.
Chief Executive Officer Paulee Day described the completion of the process as an important milestone for the company.
“Today marks an important milestone for West Marine and the beginning of an exciting new chapter for our business,” Day said.
She said the company remained focused on serving customers, supporting the boating community and preserving West Marine’s legacy.
Retail stores and online business continue
West Marine will continue serving customers through around 100 retail stores, its online platform and West Marine Pro.
The company is controlled by Oaktree Capital Management and L Catterton.
Day also credited customers, vendors, partners, financial stakeholders and the company’s employees for supporting West Marine through the restructuring.
“We are emerging as a stronger company positioned to build on momentum and serve the boating community for years to come,” Day said.
The completion of the restructuring gives West Marine a new financial starting point after years of debt pressure, while allowing the retailer to continue its physical and online operations.
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