In a letter to vendor partners in Canada, West Marine has announced that it will be closing its Canadian stores as their leases expire. The closings will take place gradually over the next four years.
Within the next year, seven of the 10 leases on West Marine's stores in Canada will expire. West Marine says that currently none of the seven are meeting the company's ‘minimum hurdles.' The remaining stores will also close as their leases expire in the following years.
"Because of this, we have made the difficult decision to phase out of the Canadian stores over the next few years, as our leases expire,' said Larry Smith, West Marine's SVP of Planning and Replenishment in the letter. "Developing Canadian real estate to fully support our strategies would require significant effort and capital, which we are not able to deploy at this time. That being said we will continue to support our Canadian stores for the next few years. When a store is closed, it will follow standard closing procedures.'
West Marine currently has locations in Vancouver, BC; Richmond, BC; Nanaimo, BC; Sidney, BC; Victoria, BC; Toronto, Ontario; Oakville, Ontario; Barrie, Ontario; Midland, Ontario; and Kingston Ontario.
West Marine plans to close the Toronto store in January 2015. The Kingston store is scheduled to remain open through to the fall of 2015 and Oakville will remain open through 2017.