Pool supplies retailer files for bankruptcy, to close 76 stores
Fox Business • • business
Key Points:
- Leslie's Inc., a pool and spa service provider, has entered a restructuring agreement with its existing lenders and filed for prearranged Chapter 11 bankruptcy, aiming to emerge under majority lender ownership by early 2027.
- The company plans to close 76 stores as part of aligning its store network with customer demand, while keeping other locations fully operational along with its digital platforms.
- Leslie's secured $90 million in new debtor-in-possession (DIP) financing and $60 million in equity financing, along with a $225 million DIP asset-based financing facility from existing lenders.
- The restructuring will reduce Leslie's outstanding funded debt by approximately $685 million, or 90%, and the company will continue honoring gift cards, loyalty benefits, and vendor obligations during the bankruptcy process.
- CEO Jason McDonell emphasized that the restructuring will strengthen Leslie’s financial position, allowing reinvestment in operations to improve customer experience both in-store and online.
