West Marine filed for Chapter 11 bankruptcy on May 17. The chain retailer of boat accessories and parts filed in the U.S. Bankruptcy Court for the District of Delaware.

The bankruptcy filing will allow West Marine to implement transactions outlined in a new Restructuring Support Agreement (RSA), which it is entering with the support of the company’s key financial stakeholder. This will enable West Marine to pursue a comprehensive restructuring transaction that will allow the company to “deliver its capital structure while maximizing value and ensuring continued service to the boating community,” according to a press release.

“West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission,” said Paulee Day, chief executive officer of West Marine. “The actions we are taking today will allow us to optimize our operations and rationalize our footprint, so that we can focus on continuing to serve our customers and community well into the future. I thank our dedicated crew members, our loyal customers and partners, and our financial partners for their continued support.”

West Marine retail locations remain open for business during the RSA.