Leslie’s Bankruptcy Filings Reveal Plans for Further Store Closures

New bankruptcy filings are providing a clearer picture of Leslie’s Inc.’s restructuring plans, including the possibility of further reductions to its retail footprint.

Leslie’s announced Sept. 30 that it had filed for Chapter 11 bankruptcy protection and was closing 76 stores. Court documents identify the locations as “Wave 1 Stores,” with closures spanning 17 states.

The closures are concentrated in several of the country’s largest pool markets. California accounts for 22 locations, followed by Texas with 18 and Florida with 15.

Additional closures could follow. Materials filed with the Securities and Exchange Commission indicate Leslie’s restructuring business plan contemplates closing as many as 200 stores during the Chapter 11 process. The company has not announced that all 200 will close but said it will continue evaluating its real estate portfolio to better align its footprint with the long-term needs of the business.

The current restructuring follows an earlier cost-cutting initiative in which Leslie’s closed 80 underperforming stores and one distribution center beginning in late 2025.

Leslie’s also disclosed that trading of its common stock was suspended from Nasdaq on Oct. 6. The company had received notices related to its share price falling below the $1 minimum bid requirement and its Chapter 11 filing. Under the proposed restructuring, existing equity interests would be canceled, and a group of Leslie’s existing lenders is expected to become majority owners of the reorganized company.

The company has also secured interim court approval for bankruptcy financing. According to an Oct. 5 SEC filing, Leslie’s borrowed the initial $45 million installment of a $90 million debtor-in-possession term loan Oct. 2. The remaining $45 million is subject to final court approval.

Leslie’s says its remaining locations and digital platforms continue operating normally. For commercial customers, outstanding orders continue to be processed, the PRO Portal remains available and existing PRO pricing and account terms remain in effect.

The restructuring agreement is designed to eliminate approximately $685 million, or 90%, of Leslie’s funded debt. The company expects to emerge from Chapter 11 in early 2027.