United States

West Marine

According to Bloomberg, boating retailer <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> could be preparing to file for Chapter 11 bankruptcy.<img src="https://photo-assets.superyachttimes.com/photo/392352/image/large-8f3449b6483565e4d0d92c450e59fb9d.jpg" data-gid="gid://syiq/Photo/392352">Based in Fort Lauderdale, Florida, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> is working with financial and legal advisors to evaluate its options, with Chapter 11 bankruptcy the most likely outcome to restructure its debt, which also includes leases. &nbsp;&nbsp;Under Chapter 11 bankruptcy, companies can reject underperforming or burdensome leases tied to unprofitable store locations, enabling them to reduce their physical footprint in line with current demand.<img src="https://photo-assets.superyachttimes.com/photo/392353/image/large-d31059fca2bbdce25b274215884c08d1.jpg" data-gid="gid://syiq/Photo/392353">Controlled by Oaktree Capital Management and L Catterton, the company is said to be planning to close a number of locations as part of the workout talks. <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> is one of the largest American retailers of boating, fishing, sailing and paddling supplies, with over 230 stores across North America.&nbsp;According to Bloomberg, talks with Oaktree and L Catterton began in late April, with discussions ongoing and no final terms confirmed. In 2023, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> restructured approximately $800 million of existing debt through out-of-court proceedings supported by L Catterton. The process included $125 million in new capital, alongside the conversion of roughly $660 million of debt into equity warrants.

West Marine prepares for potential Chapter 11 bankruptcy

Boating retailer West Marine could be preparing to file for Chapter 11 bankruptcy.

<a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">David Walters Yachts</a> has announced the appointment of Charlie Petosa as Senior Yacht Broker.<img src="https://photo-assets.superyachttimes.com/photo/381393/image/large-657d0251b0b4e81cabaa682117c8fbea.png" data-gid="gid://syiq/Photo/381393">Based in Annapolis, with seasonal operations from the brokerage’s Fort Lauderdale and Sint Maarten offices, Petosa brings more than three decades of senior leadership experience across the yachting and luxury hospitality sectors.Petosa joins the firm following an extensive career that includes executive roles as Chief Operating Officer at <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop & Johnson (Company)">Northrop &amp; Johnson</a>, Managing Director at Haven Harbour Marina Resorts, and senior leadership positions at The Hinckley Company, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> and <a data-gid="gid://syiq/Company/592" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ocean Marine Yacht Center (Company)">Ocean Marine Yacht Center</a>.&nbsp;His background spans yacht brokerage, new-build sales, marina and resort operations, and strategic business development, providing clients with a broad perspective on yacht ownership and transactions.“Charlie’s depth of experience, professionalism and client-first mindset make him an exceptional addition to our team,” explained Josh McLean, President of <a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">David Walters Yachts</a>.&nbsp;“His background across nearly every facet of the marine industry, combined with his experience advising high-net-worth clients on complex yacht transactions, aligns perfectly with our approach to representing quality yachts and delivering thoughtful, results-driven service.”Throughout his career, Petosa has negotiated high-value yacht transactions, led multi-location teams and supported strategic growth initiatives within established yachting organisations. At <a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">David Walters Yachts</a>, he will focus primarily on the luxury motor yacht segment.A lifelong boater, Petosa regularly cruises and charters with his family across the Chesapeake Bay, the US East Coast, the Caribbean and Europe, experience that he says informs his professional approach and understanding of the yachting lifestyle.“It is a privilege to join <a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">David Walters Yachts</a> and to work alongside a team that shares my values of integrity, professionalism and long-term client relationships,” concluded Petosa. “<a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">DWY</a>’s reputation for representing quality yachts and providing client-focused guidance is well earned. I look forward to helping clients confidently navigate the acquisition and sale of exceptional motor yachts.”Charlie Petosa is now accepting enquiries from clients looking to buy or sell luxury motor yachts through the <a data-gid="gid://syiq/Company/6006" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="David Walters Yachts (Company)">David Walters Yachts</a> Annapolis office.(Image courtesy of David Walters Yachts.)

Charlie Petosa joins David Walters Yachts as Senior Yacht Broker

David Walters Yachts has announced the appointment of Charlie Petosa as Senior Yacht Broker.

David Walters Yachts appoints Charlie Petosa as Senior Yacht Broker

<a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> has appointed Paulee Day as Chief Executive Officer, effective immediately. Day previously served as the company’s Chief Operating Officer and Corporate Secretary, with the appointment marking the first time a woman has held the CEO position since the company was founded in 1968.<img src="https://photo-assets.superyachttimes.com/photo/378221/image/large-96497df334fa11336fda30349e3f36d9.jpg" data-gid="gid://syiq/Photo/378221">“I have greatly enjoyed my time at <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> and am delighted the Board of Directors has selected me to be the CEO,” said Day. “Over the past few years, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> has significantly transformed its retail and online operations through a heightened focus on core boating, strong vendor relationships, and streamlined operations.”<a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> operates more than 200 stores across 34 states and Puerto Rico, supported by its e-commerce platforms serving both retail and professional customers.According to Day, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a>’s multi-channel structure gives the company a competitive advantage. She noted that the retailer is “uniquely positioned to offer in-store shopping, e-commerce and omnichannel fulfillment and delivery across both B2B and B2C customers.” She added that the company’s customer-first approach is evident in its core product offerings and streamlined delivery and pickup options, noting that these efforts help customers “spend more time on the water.”Day joined <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> in 2022 as Chief Legal and Human Resources Officer before being promoted to Chief Administrative Officer in 2024 and Chief Operating Officer in 2025. As COO, she oversaw the company’s 200-plus retail stores, <a data-gid="gid://syiq/Company/8534" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Marine (Company)">West Marine</a> Pro and functions including operations, merchandise operations, marketing, supply chain, business development, legal, human resources, real estate, risk management and procurement.A lifelong boater, Day previously spent 15 years at <a data-gid="gid://syiq/Company/1312" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MarineMax (Company)">MarineMax</a> as Executive Vice President, Chief Legal Officer and Assistant Secretary. She serves on the boards of the American Boat and Yacht Council and the Florida Chamber of Commerce.

Paulee Day as West Marine CEO

West Marine has appointed Paulee Day as its new Chief Executive Officer, marking the first time a woman has led the company.
