West Marine is shuttering nearly 60 of its stores.
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The closings, which are happening across 23 states, come as the boating and marine supplier is going through Chapter 11 bankruptcy proceedings.
Why Is West Marine Closing Stores?
As reported by the New York Post, the retailer filed for bankruptcy protection in May. West Marine said the reasons were "supply chain disruptions, extreme weather events, and shifts in consumer behavior."
As inflation continues to rise, spending on marine activities, such as boating and fishing, appears to be declining.
West Marine plans on closing 59 stores in total. The state with the most closings is Florida. Eight stores will close in the Sunshine State. Six stores will be closing in Michigan. California, where the boating supply chain was founded, will be closing five stores.
Five West Marine stores are also closing in Washington. Maryland and South Carolina will each see four stores close.
The chain is also closing stores in New Jersey, New York, Ohio, Illinois, Maine, Massachusetts, North Carolina, Alabama, Georgia, Louisiana, Missouri, Nevada, Oregon, Pennsylvania, Tennessee, Virginia, and Wisconsin.
Is West Marine Going Out of Business?
Executives at West Marine say the company is not going out of business completely. Rather, the bankruptcy filing is a way to restructure the company.
"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," said Paulee Day, Chief Executive Officer of West Marine.
The company has not shared how many employees will be affected by the closings. However, it has stated that "obligations to employees, including pay and current benefits," will be fulfilled.
West Marine will continue to operate 150 stores during its bankruptcy proceedings. Its website and mobile app will also remain operational.
