West Marine Slashes Doors, Stiffs Vendors as it Exits Bankruptcy
The boating and marine supplies retailer has emerged from Chapter 11 with a halved door count and roughly $265 million in debt reduction, though general unsecured trade creditors are looking at less than 1% recovery, according to court filings. The May bankruptcy filing listed Garmin as the largest trade creditor at $8,565,896, with several other industry brands in the seven figures, namely Pure Fishing at $2,111,885; Kent Outdoors at $1,167,841; and Rocky Brands at $1,078,157. Marine-specific equipment and supplies players populated most of the remaining major trade creditors list. The creditor ... Log in to view full article.