IMHO, their business model was challenged before this - but remember that Monomoy Capitol acquired the franchise a couple of years ago. As a private investment shop, they have a very different perspective than traditional retail. WM will continue to evolve as efficiencies are prioritized and if they aren't, the equity will be harvested.
As others have said, sailors are not WM's core market and anecdotally my experience is they're driving away their power boat customers too. It may take time, but the outcome could be a good harbinger for smaller chandlers to be able to compete in this space again.
Was always a happy customer of Defender, but even they are wobbling off the track a little with this Defender 1st arrangement...
Boating's expensive and that's not going to change.