Editor’s note: This story has been updated to include a statement from LFS Inc.
After a bidding battle between a chain of two Pacific Northwest commercial fishing supply stores, LFS of Bellingham, Wash., made the top offer in a receivership sale and has purchased Redden Marine, including its Homer store, Kachemak Gear Shed.
Englund Marine & Industrial Supply Co. of Astoria, Ore., initially appeared to have the best offer, but LFS made a late and better offer two weeks ago. The sale was final Aug. 31.
Kachemak Gear Shed will remain in business. Other than losing the Redden Marine name, “The rest of us stays the same,” said Gear Shed manager Gary Squires. “We’re going back to what we always do. Nothing’s changing.”
Purchasing Redden Marine and Kachemak Gear Shed is part of LFS Inc.’s efforts to expand its presence on the Kenai Peninsula, LFS General Manager Shane Russell said in a press released emailed on Sept. 8.
“Kachemak Gear Shed is an especially welcome addition to the growing LFS family of stores in Alaska, improving our ability to serve fishermen and other customers on the peninsula,” Russell said.
The sale ends a summer of uncertainty at the Gear Shed.
“We finally figured out which way we’re going, so we’re all feeling better,” Squires said.
Squires said he and his staff were busy this week writing purchase orders to replenish stock.
A King County, Wash., state court put Redden Marine’s assets into receivership after granting a motion by Wells Fargo Bank requesting receivership. A notice to creditors was sent out in July.
On Aug. 26 Commissioner Henry Judson approved the sale of assets to LFS. Englund was listed as a back-up purchaser.
LFS Inc. celebrates its 50th anniversary this year. It was founded in 1966 as Lummi Fishing Supplies, a reference to Lummi Island. It is now a subsidiary of Trident Seafoods. The name was changed to LFS to avoid confusion with the Lummi tribe. LFS’s corporate offices are in Bellingham along with the Bellingham LFS Marine & Outdoor store. It also has stores in Seattle, Dutch Harbor, Cordova, Sitka, Dillingham and Naknek. LFS also owns LFS Gloves and LFS Sport and Specialty Netting. Trident also owns Donalson’s Fishing Supplies in Anchorage and Kenai.
Online purchases can be made at www.lfsmarineoutdoor.com.
Redden Marine has stores in Homer, Anchorage, Bellingham and Cordova.
Michael Armstrong can be reached at email@example.com.