WEST MARINE ANNOUNCES CANADIAN STORE CLOSURES – PROBABLE FUTURE WEB FOCUS
During their recent message to West Marine shareholders in the West Marine 3rd quarter conference call, Matt Hyde, CEO announced that West Marine will close all of their Canadian stores in 2015.
Boating Industry Canada has learned that in the next year, leases on 7 of their 10 stores in Canada expire. We were told that when a lease expires on any of their West Marine stores, the company evaluates it against minimum financial delivery to decide whether to renew the lease. In the case of these 7 Canadian locations, none of the stores meet West Marine minimums. Because of this, the company announced the the difficult decision to phase out of the Canadian stores over the next few years, as their leases expire. It was also stated that through this process, West marine will continue to support their Canadian stores for the next few years.
