Bloomberg is reporting that West Marine is “laying the groundwork for a potential Chapter 11 bankruptcy to restructure its debt, including leases, according to people with knowledge of the matter.”
West Marine is privately held, managed by Oaktree Capital Management and L Catterton. Bloomberg reported that the private equity firms are “planning to close a number of locations as part of the workout talks,” according to people familiar with the matter who declined to be named.
A Chapter 11 filing “is emerging as the most likely outcome for the restructuring talks,” according to Bloomberg, though no final terms have been made, the people familiar added.
West Marine as recently as late 2023 restructured approximately $800 million in debt.
Trade Only Today reached out to CEO Paulee Day, who declined to comment on Bloomberg’s reporting.
