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Phoenix Pool Supplies Retailer Leslie’s Files for Bankruptcy, Closing 76 Stores
The restructuring would cut about $685 million in debt and keep remaining stores open as the company seeks to emerge in early 2027.
Phoenix-Based pool supply retailer Leslie's filed for Chapter 11 bankruptcy this week, initiating a prearranged restructuring agreement with existing lenders who will take majority control of the company.
The Restructuring Support Agreement aims to eliminate approximately $685 million, or about 90%, of outstanding funded debt through $90 million in new-money DIP financing and $60 million in equity commitments.
Alongside the financial restructuring, the retailer announced plans to close 76 stores to align its network with customer demand, though specific store locations remain undisclosed.
CEO Jason McDonell stated, "Leslie's is here to stay," confirming remaining operations will continue without interruption while the company honors all gift cards and loyalty program benefits.
Management expects the Chapter 11 process to proceed efficiently, targeting emergence from bankruptcy in early 2027 as the company evaluates its remaining real estate portfolio.