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BoatersWorld going Belly up

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islander
Master Marine Consultant

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USA
4024 Posts

Initially Posted - 03/04/2009 : 14:43:30

More bad news for the marine industry http://www.washingtonpost.com/wp-dyn/content/article/2009/03/03/AR2009030303529_2.html

Scott-"IMPULSE"87'C25/SR/WK/Din.#5688
Sailing out of Glen Cove,L.I Sound

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Steve Blackburn
Master Marine Consultant

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Canada
1091 Posts

Response Posted - 03/04/2009 : 16:41:52

Not sure if its the boat store division or rather the Camera stores that brought everything down. They owned Wolf, Ritz and others accross the States and Canada. I could never figure out how these camera stores keep alive now that you can buy a very top of the line camera from any retail stores. People go in there to get recommendations then leave to buy it at BestBuy.

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dmpilc
Master Marine Consultant

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USA
4593 Posts

Response Posted - 03/04/2009 : 21:28:28

That's a real shame. I got my best price on bottom paint from Boaters' World.

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redviking
Master Marine Consultant

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USA
1771 Posts

Response Posted - 03/05/2009 : 06:15:50

Kharmic justice for producing that bumper sticker depicting a stinkpotter pissing on a sailor. After I saw that, I wouldn't spend another dime there. Besides, they could order stuff and it would take a week while the EVIL EMPIRE (WM) could have it there next day!

sten

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 03/05/2009 : 07:17:25

Ya, at their store here, they could sell you 10" speakers for your ski arch, but they didn't know what a snap-shackle was.

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Voyager
Master Marine Consultant

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USA
5377 Posts

Response Posted - 03/06/2009 : 01:15:23

So are they gone, or just on their way out? Maybe there's a deal or two to be had?

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JJM
Navigator

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USA
170 Posts

Response Posted - 03/06/2009 : 12:14:30

From what I read out there they are going into chapter 11 - just reorganizing their debt. So they should still be around...

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Downbucket
Navigator

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USA
188 Posts

Response Posted - 03/06/2009 : 13:02:30

Hi:

Yep. It's Chapter 11, reorgination. Can Chapter 7 be far behind.

Will

Boater's World parent company files for Chapter 11 bankruptcy protection

By IBI Magazine

The parent company of Boater's World filed for Chapter 11 bankruptcy protection this morning. According to Reuters, Ritz Camera Centers said the recession hurt its camera business as well as prolonged the downturn in its Boater's World business.

Ritz launched Boater's World in 1987, and has grown the division to 137 retail stores. Among US marine accessories retailers, it is second in size only to West Marine.

In an affidavit in the court filing, chief restructuring officer Marc Weinsweig said the company's lenders ordered it in January to boost reserves, thereby reducing available credit. Weinsweig said this happened after the recession caused Ritz's 2008 holiday sales to be "materially lower" than a year earlier. A drop in consumer spending and slumping sales at Boater's World also prompted the bankruptcy filing. The rise in gas prices and other factors led to a "sharp" drop in sales at Boater's World's stores, Weinsweig wrote in the filing.

The company reported between US$100m and US$500m of both assets and liabilities. It also reported nearly US$1bn in revenues in the year ended November 30, 2008. Ritz said it will seek court permission to obtain US$85m of financing to keep operating while it restructures.

Officials at Ritz did not return phone calls by presstime.

(23 February 2009)

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Downbucket
Navigator

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USA
188 Posts

Response Posted - 03/06/2009 : 13:03:54

I meant "reorganization" not reorgination.

Will

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Nautiduck
Master Marine Consultant

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USA
3704 Posts

Response Posted - 03/06/2009 : 17:42:03

I wonder if this shake-out leaves WM stronger in the market. Also wonder if any of the other marine stores are in trouble. Out here in Oregon big outfits in the RV industry are dropping like flies, 3,000 layoffs in our community from the RV industry alone.

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Notice: The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.