West Marine Is Closing 59 Stores, Including Cape May

West Marine, the 58-year-old boating and fishing retailer, announced recently that it plans to close 59 of its 247 locations across North America, including three in New Jersey.

In a Chapter 11 bankruptcy filing in May, the troubled Florida-based chain said it would close the locations as part of a restructuring effort.

West Marine to Close Three NJ Stores

West Marine in Cape May, which has been in business for decades at 791 Route 109, is slated to close, along with locations in Toms River and Eatontown.

West Marine has not announced a closing date for these stores, but closing sales are underway. Following the closures, the chain will have three remaining New Jersey stores, including the location at 258 New Road in Somers Point.

West Marine's website tries to paint an optimistic view of the closings.

We recently made the difficult decision to close select store locations. While this change wasn't easy, our commitment to you hasn't changed one bit — West Marine is open, stocked, and ready to help with everything you need to get back on the water.

 

West Marine is "Facing Headwinds"

In a press release at the time of the bankruptcy, West Marine said its issues were like those of many companies in the boating business.

Like many in the boating community, West Marine has faced headwinds in recent years, including supply chain disruptions, extreme weather events, and shifts in consumer behavior.

West Marine also noted mounting pressure on the traditional brick-and-mortar retail model. According to the filings, the chain was locked into leases that cost more than $55 million per year.

West Marine said the store closings would help strengthen the balance sheet, reduce debt levels, and improve financial flexibility.