Bankruptcy

The voluntary bankruptcy protection will allow the diner to restructure its finances while remaining open for business.

West Marine stores in Portland and Southwest Harbor are among 59 locations targeted for closure by Fort Lauderdale, Fla.-based West Marine Inc., according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The purchase and sale agreement with a strategic buyer was submitted to the U.S. Bankruptcy Court for the District of Maine in a June 1 filing, along with a backup sale to a commercial real estate firm for $12.6 million.

Initial sealed bids on the 46-plus acre property are due by Wednesday, May 27, with the top five to be selected the following day amid the ongoing bankruptcy case.

Approximately $14 million in liens were filed against the seller by contractors who worked on an extensive renovation.

The company, part of Atlantic Hospitality, lists both liabilities and assets between $10 million and $50 million in a 14-page filing with the U.S. Bankruptcy Court for the District of Maine.

Artist & Craftsman is expected to close only one U.S. store, while relocating the Portland location to Westbrook

The project broke ground as a condominium development in 2022 and converted to rental apartments in 2024.

A $1.4 million shortfall in the $24.7 million project budget cascaded into financing problems with the project’s lender.

Proceeds from the asst sale, to a Vermont-based telecom company, will be used to pay Tilson's creditors as it seeks Chapter 11 bankruptcy protection.