West Marine files Chapter 11 bankruptcy

[scross]

West Marine, which is based in South Florida and operates more than 230 stores in 34 states and Puerto Rico, has announced it is filing for bankruptcy.

 

[Mastercraft]

West Marine in Anacortes match prices for Fisheries (Seattle) and Amazon.

 

[Chimo]

Another victim of online shopping? They pulled out of Canada years ago. Strangely, the local small chandleries are doing OK. I still like to do some touch and feel before I buy.

 

[NorthernFocus]

Not surprised. Their prices are ridiculous. Almost understandable for truly marine hardware but they charge crazy prices for cleaning products etc that can be purchased many other places. I haven't bought anything from them in several years.

 

[Todd Tugnut]

I have a West Marine Pro account, but I find prices and service are better on Amazon.

 

[NorthernFocus]

Simple example below. How do they compete? THE only reason to buy from them is if you have a local store and must have the item today. Assuming it's in stock.

 

[venajeff]

I know the boating market is not doing great right now, but this is another example of private equity firms coming in, purchasing a company, doing a quick double of their money by putting the company into massive debt. The company has nearly 800 million in debt and absolutely nothing to show for it. But don't worry, everything these private equity firms do is totally legal.