Outdoor Retail Giant Files For Bankruptcy & Closes 59 Stores!

James Kaufman, World News Report Today. Outdoor retail giant files for bankruptcy and closes 59 stores. West Marine, the nation's largest boating retailer, has filed Chapter 11 restructuring bankruptcy and confirmed plans to close 59 stores across the country as the company attempts to restructure its operations. The company submitted its petition in the U.S. Bankruptcy Court for the District of Delaware pointing to supply chain disruptions, extreme weather events, and a significant shift in consumer behavior as primary drivers of the financial restructuring, according to court records. West Marine plans to use the bankruptcy process to strengthen its balance sheet, reduce debt, and improve financial flexibility. This really translates into hundreds of jobs lost yet again. Quote, 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, CEO Polly Day said in a news release. According to recent court filings, the stores slated for closure are located in 23 states across the U.S. The retailer secured an agreement with lenders to use its cash collateral during the restructuring and obtained commitments for new financing to support its eventual exit from Chapter 11 restructuring. West Marine filed first-day motions requesting authority to continue paying employees' salaries and benefits without disruption. Well, at least for the few employees that are left. God bless you and yours, folks. It's getting tough out there. Please share and subscribe. And always remember that anything's possible in Bizarro World.