West Marine reports $38.8M loss; SEC ...

West Marine reports $38.8M loss; SEC may sue company

There are 20 comments on the Santa Cruz Sentinel story from Mar 6, 2009, titled West Marine reports $38.8M loss; SEC may sue company. In it, Santa Cruz Sentinel reports that:

At the end of a tough fourth quarter including 18 store closures, layoffs and continued cost-cutting measures, West Marine reported a net loss of $29 million and said the year ahead does not look much brighter.

Join the discussion below, or Read more at Santa Cruz Sentinel.

The problem solved

Hayward, CA

#1 Mar 6, 2009
WM internet is a black hole. All of the money thrown at the site, millions upon millions...just a waste. Lose the closet queen and hire educated people.
hmmm

Pleasanton, CA

#2 Mar 6, 2009
They hire educated people... the problem is they toss them aside as if they were nothing. They do not value their employees and it's sad really.
what not

Chicago, IL

#3 Mar 6, 2009
you know what I mean?
The Scream

Santa Cruz, CA

#4 Mar 6, 2009
They need to start selling to PIRATES! ARRRRRRH, MATEY. YE NEEDS A BRANCH OFFICE IN SOMALIA. THERE BE GOLD AND BOOTY TO BE HAD! WHAT YE CALL A "GROWTH INDUSTRY!" ARRRRRRRRGH!
theo

Klamath Falls, OR

#5 Mar 6, 2009
Like most companies they DON'T want intelligent people, they want obedient servants. I remember as a tech at another company there were a few pallets of 'defective' merchandise that was sent on to West Marine. A company 'executive' called our VP and said he talked to me and I said these products were ok. Said this on the phone with me, my P and VP and although I denied it they went with him for 'business' reasons. HP has alot of incompetents like this. And the SEC 'investigating' for years while the financial world collapses around them? What a joke, the SEC like DOJ and FBI are simply political 'enforcement' tools of the 'executive branch' where if you are 'connected' you get a free pass whether on multi billion fraud or murder.
Mr Pegan

Santa Cruz, CA

#6 Mar 6, 2009
hmmm wrote:
They hire educated people... the problem is they toss them aside as if they were nothing. They do not value their employees and it's sad really.
Very true, I saw them fire competent people right on the spot for no reason, and at the same time advance obedient dummies to supervise the intelligent employees.
yes to love

Rio Vista, CA

#7 Mar 6, 2009
It's a good thing the SEC was investigating WM and not wasting millions looking at Madoff or mortgage lenders. The boating industry needs to be watched like a hawk watches prey. Really- corporations only work when consumer confidence is high and there's a big cushion of cash to mask the waste and incompetence. Have you noticed how fewer SUVs are on the roads? That was the dream: a house and a SUV. And the govt pushed them both on the gullible public. I say hire Ted Kennedy to manage WM- he knows boats.
a Viking

Napa, CA

#8 Mar 6, 2009
The Scream wrote:
They need to start selling to PIRATES! ARRRRRRH, MATEY. YE NEEDS A BRANCH OFFICE IN SOMALIA. THERE BE GOLD AND BOOTY TO BE HAD! WHAT YE CALL A "GROWTH INDUSTRY!" ARRRRRRRRGH!
i am JOKULL SON OF KING HROTHGAR AND I WILL CRUSH YOU WITH MY WAR HAMMER! RAAARRRRRRGH!
Craig H

Oakland, CA

#9 Mar 6, 2009

www.Boatersworld.com , the mega boating site, filed for bankruptcy this week.
Jeremy

Santa Cruz, CA

#10 Mar 6, 2009
hmmm wrote:
They hire educated people... the problem is they toss them aside as if they were nothing. They do not value their employees and it's sad really.
You've got it. I went there on a job "interview" with an education & several years sales experience. I was offered a job that no one in their right mind would take, you could've earned more working at Taco Bell as a manager-literally. At that point, I knew I didn't want to work there so I asked how they retained people when they offered so little. I've seen this story play out several times along the same lines, with West Marine, with other people as well. With almost zero competition & too few employers in Santa Cruz county, employers here only offer table scraps for work. Why do you think so many cars drive 17 every day? If you work for someone else in SCC, you'll get a butt low wage, other places have so much more to offer.
Adrift

Beverly, MA

#11 Mar 12, 2009
I may be wrong; but WM must have extremely inefficient buyers. Their prices are rarely what you would call a good deal and the employees make zilch. So why are the profits so low that they keep losing money. They must be paying too much or have a an inefficient supply line. One would think with the monopoly they have that they could bargain in such a way to offer reasonable prices and still pay for decent staff. They rely on many kids who always leave over time as they can't afford to leave home and work at WM or they rely on retirees who view the job as a time filler with little stress involved. The marine world was a lot better before WM bought everyone else up and then mismanaged the beast they created.
Corralitos Taxpayer

Watsonville, CA

#12 Mar 12, 2009
The problem is no one can go boating here locally. The Monterey Bay Marine Sanctuary is off limits to humans.
CaptWagner

Aptos, CA

#13 Mar 15, 2009
The issue is that nobody can afford to go boating and West Marine sells junk. Everyone knows is and only buys what they have to from there when they have to...
SWFboater

Punta Gorda, FL

#15 Apr 2, 2009
I worked for Boat/Us-West marine for 7 years, since 2001, until our store closed in 12/08. I have 8 years of college and over 30 years of boating experience including several years of boat repair experience as well. Working for West is hell on earth for chump change. Even the Employee pricing is bogus. The employee benefits are like WalMart and expensive.
The managers are disingenuous, at best, and the district managers worse (District 29 in FL). Our store close and we were promised jobs, but that did not happen. After getting several promotions, based on their performance expectation and reviews, it turns our they are encouraging managers to schedule only their cheapest, least competent employees in order to save money. So much for their revered customer service!

Basically, the company deserves to go under, much like Circuit City, and I hope it does!

This is corporate America gone amuck!
An old friend of SC

Scottsdale, AZ

#19 Jan 3, 2010
Looks like Randy lost sight of his business. And forgot the first rule to a successful business the three P's. People, Program and Product, Without the best people and secure program and good quality products you will fail no matter how big or small.
This always happens when you have the wrong people in the wrong position with a poor program for the current economic environment.
Randy needs to go back to his roots manage his company take it back like Jobs did with apple.
signguy 2009

Altamonte Springs, FL

#20 Mar 3, 2010
West Marines latest crap: EUFA, basically suck up to the customer pretend your their friend, ask them what their boating dreams are and blow smoke up their ass so they dont look at the price. Their membership is a joke $24 !!!!!!! for a 4% rebate on purchases after marking it up usually 1000 to 1500% How about a Perko thru hull fitting cost $1.10 on the shelf for only $12.47 boy! what a deal!!!! They have their payroll cut down so far alot of stores only have 1 employee manning the store all day, no breaks, no lunch, when nature calls you just go while the store gets robbed blind (no bonuses for the Mgrs.)Its just a matter of time until they get robbed and a employee is going to get injured or killed and they get their asses sued off. Middle management are a bunch of flunkies that have been promoted from attrition not talent.
CLEMP

Ontario, NY

#21 Apr 10, 2011
signguy 2009 wrote:
West Marines latest crap: EUFA, basically suck up to the customer pretend your their friend, ask them what their boating dreams are and blow smoke up their ass so they dont look at the price. Their membership is a joke $24 !!!!!!! for a 4% rebate on purchases after marking it up usually 1000 to 1500% How about a Perko thru hull fitting cost $1.10 on the shelf for only $12.47 boy! what a deal!!!! They have their payroll cut down so far alot of stores only have 1 employee manning the store all day, no breaks, no lunch, when nature calls you just go while the store gets robbed blind (no bonuses for the Mgrs.)Its just a matter of time until they get robbed and a employee is going to get injured or killed and they get their asses sued off. Middle management are a bunch of flunkies that have been promoted from attrition not talent.
I agree with everything you said, except for the part about the membership. You aren't paying for the West rebates in that program, you're paying for the BOATUS membership.
ARRRG

San Francisco, CA

#22 Apr 10, 2011
The problem solved wrote:
WM internet is a black hole. All of the money thrown at the site, millions upon millions...just a waste. Lose the closet queen and hire educated people.
Richard has entrenched himself and managed to drive off the few people who had a clue. Chuck doesn't have the balls to bring order to the chaos since he doesn't understand that Richard is blowing smoke when he says he's the only one who knows where the bodies are buried. If Chuck had the guts he'd dump RM the closet queen and bring back the 3 who do know. Never happen,.
Former Employee

Riverside, CA

#23 Oct 4, 2012
theo wrote:
Like most companies they DON'T want intelligent people, they want obedient servants.
Worst Company I ever worked for. I will have my day in court with them very soon.
Balls Deep

Santa Cruz, CA

#24 Nov 24, 2012
They hate the app RedLaser.... Price match is a bitch!!

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