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.”
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. was founded in 1967 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, 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.
Redden Marine has stores in Homer, Anchorage, Bellingham and Cordova.
LFS planned to issue a statement on the purchase, but at press time was waiting approval from Trident corporate officials.
Michael Armstrong can be reached at email@example.com.