Fort Lauderdale, June 14, 2026, 15:02 (ET)
- West Marine will close 59 locations in 23 states as it restructures in Chapter 11, the company said.
- Five execs got $1.075 million in retention bonuses on May 1, according to court papers, less than three weeks before the bankruptcy filing.
- West Marine said it’s still open and plans to cut debt while serving customers in stores, online and the Pro app.
West Marine’s bankruptcy case is moving ahead as court filings list 59 stores that will close, and new reports say senior management got retention bonuses right before the company went into Chapter 11. The Fort Lauderdale retailer filed for bankruptcy on May 17 in Delaware, with a restructuring deal already in place with big lenders and equity owners.
West Marine is closing stores in 23 states, Powerboat News reported, citing court papers from June 1. Florida is losing eight stores, Michigan six, and California and Washington five each. Maine’s two locations—in Portland and Southwest Harbor—are also shutting down, which means West Marine will have no stores left in the state.
Hilco Merchant Resources started handling the liquidation sales under a consulting deal signed May 10, about a week ahead of the bankruptcy filing. Sales are set to run through late September. Powerboat News said the court signed off on the store-closing plan June 9. In its June 1 notice, the company said it’s still looking at its store base and more closures could be added.
West Marine is shutting stores as it works to keep the rest of the business going. In a May 17 statement, the retailer said customers can still shop at about 200 stores in 34 states and Puerto Rico, plus online and through the West Marine Pro app. CEO Paulee Day said these steps would help the company “optimize our operations and rationalize our footprint.” Business Wire
Executive pay around the restructuring is also under the microscope. Trade Only Today said five West Marine execs got $1.075 million in retention bonuses on May 1: CEO Day took $425,000, CFO Sahil Wadhwa $225,000, Chief HR and Supply Chain Officer Mark Howerton $175,000, Chief Revenue Officer Michael Hoye $150,000, and Chief Information Officer John F. Devine $100,000.
Bankruptcy filings indicate ex-CEO Carl S. Rubin got a $1.2 million bonus on June 9, 2025, less than a year before the bankruptcy. The court papers also show Day took a $425,000 retention bonus on May 1.
West Marine’s bankruptcy is drawing blowback from vendors. Trade Only Today said the company owes its 30 biggest suppliers over $65 million. David Kelton, who owns American Blue Claw LLC, told the outlet his crab trap business is still out about $12,000 for goods sent to West Marine. “I am a small company that deals with West Marine,” Kelton said to Trade Only Today after the bankruptcy hearing. Trade Only Today
West Marine said it’s using the Chapter 11 process to deal with a tough capital structure after it faced supply-chain issues, extreme weather and changes in how customers shop. Its secured lenders have signed off on the use of cash collateral and agreed to provide funds to help the company exit bankruptcy.
