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Nasdaq to Suspend Trading in Leslie’s Stock on October 6

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Nasdaq to Suspend Trading in Leslie’s Stock on October 6

Leslie’s common stock is headed for suspension from Nasdaq next week—and, under the pool retailer’s proposed Chapter 11 restructuring plan, existing shareholders are slated to receive nothing when the company emerges from bankruptcy.

Nasdaq notified Leslie’s on September 25 that its common stock was subject to delisting after the shares had closed below the exchange’s $1 minimum bid requirement for 30 consecutive business days. Trading in LESL is scheduled to be suspended at the opening of business October 6 unless the company requests a hearing by October 2. Leslie’s has said it does not intend to appeal.

Importantly, Nasdaq’s delisting determination predates Leslie’s September 30 Chapter 11 filing. The determination was based on the company’s failure to meet Nasdaq’s minimum bid requirement and its ineligibility for another compliance period following a reverse stock split.

The more consequential issue for shareholders is the restructuring itself: Leslie’s plans to eliminate roughly $685 million of funded debt and shift ownership of the reorganized company to lenders and new-money investors, with all existing common equity set to be canceled for no consideration when the restructuring becomes effective.

What Happens to LESL Stock Now?

Delisting does not necessarily mean Leslie’s shares immediately stop trading altogether.

Leslie’s said it anticipates its common stock will begin trading on a market operated by OTC Markets Group after Nasdaq suspends trading. The company cautioned, however, that there is no guarantee an OTC market will develop or remain available, that broker-dealers will continue quoting the shares, or that sufficient trading volume will exist to create an efficient market.

That creates an important distinction for investors.

LESL could continue changing hands while the Chapter 11 case works its way through bankruptcy court, but those shares would still represent Leslie’s existing equity. They would not represent ownership in the reorganized company expected to emerge from Chapter 11 if the proposed plan is confirmed and becomes effective.

Leslie’s warned investors that trading during Chapter 11 is “highly speculative” and that the market price of its securities may bear little or no relationship to whatever recovery holders ultimately receive.

That warning is particularly significant here because the proposed restructuring provides no recovery for existing common shareholders.

Once Nasdaq suspends trading, it intends to file Form 25 with the Securities and Exchange Commission to formally remove Leslie’s common stock from the exchange.

Nasdaq Rule 5450(a)(1) requires listed companies to maintain a minimum bid price of $1 per share. Because Leslie’s completed a reverse stock split within the previous year, Rule 5810(c)(3)(A)(iv) makes the company ineligible for the normal compliance period that might otherwise provide additional time to regain compliance.

Shares LESL were down 26.54%, September 30, the day Leslie's announced their Chapter 11 filing.
Shares LESL were down 26.54%, September 30, the day Leslie’s announced their Chapter 11 filing.

Who Owns Leslie’s After Bankruptcy?

Lenders holding approximately 81.1% of Leslie’s outstanding prepetition term-loan principal have already signed onto the restructuring support agreement.

Under the proposed restructuring, a $60 million equity financing will receive 55.8% of the reorganized company’s new common equity. Existing term lenders will receive another 10% on a pro rata basis. The remaining portion of the term-loan DIP financing, including certain premiums and accrued interest, is expected to convert into 30% of the new common equity. Those allocations remain subject to dilution under the company’s management incentive plan.

The result will be a Leslie’s with substantially less debt and an entirely different ownership structure.

The distinction between the company and its stock is important. Leslie’s expects its stores and operations to continue through Chapter 11, and the company intends to emerge from bankruptcy in early 2027. Existing LESL shares, however, do not carry over into that reorganized company under the proposed plan.

Could Leslie’s Ever Trade on Nasdaq Again?

Leaving Nasdaq does not necessarily mean Leslie’s can never return to a major exchange.

A reorganized Leslie’s could seek a future Nasdaq listing if it meets the exchange’s applicable requirements. Any future listing would involve the reorganized company and its new equity—not a revival of the LESL shares currently held by investors.

For now, those shares may have another life in the over-the-counter market after October 6. How long they trade and at what price remains a matter for the market.

What the proposed restructuring makes considerably clearer is where those shares ultimately end up: canceled when Leslie’s emerges from Chapter 11.

Featured Photo Credit: JHVEPhoto

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Joe Trusty

Editor in Chief of Pool Magazine - Joe Trusty is also CEO of PoolMarketing.com, the leading digital agency for the pool industry. An internet entrepreneur, software developer, author, and marketing professional with a long history in the pool industry. Joe oversees the writing and creative staff at Pool Magazine.

To contact Joe Trusty email [email protected] or call (916) 467-9118 during normal business hours. For submissions, please send your message to [email protected]

Pool Service

Poolwerx Continues to Make a Splash Hitting 100 Territories Nationwide

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Renowned Pool Franchise Celebrates Growth Milestone Fueled by Multi-Revenue Stream Model and Proven System

DALLAS, TX. (September 18, 2025) — Poolwerx, the world’s leading pool service and retail franchise, proudly announces the opening of its 100th active territory. With more than 400 territories awarded across the globe and a proven U.S. model built on recurring revenue streams, premium retail experiences, and high-touch support, Poolwerx continues to strengthen its position as the only true one-stop solution in the pool care industry. 

“Reaching 100 units is a tremendous accomplishment for our team and our franchise partners, but it’s just the beginning,” said Andrew Kidd, CEO of Poolwerx USA. “Our success comes from providing a premium, full-service pool care solution and building a culture where franchise partners feel supported to grow. We’ve proven this model works across markets, and we’re excited to bring Poolwerx to hundreds more communities.”

Founded over 30 years ago in Australia, Poolwerx entered the U.S. in 2015. Today, Poolwerx’s franchise partners operate across 17 states, coast to coast, with growth fueled by both mobile and brick-and-mortar retail stores. With over 100 units now operating, Poolwerx is positioned for a new era of growth and expansion, targeting 300 U.S. territories by 2027. 

Poolwerx operates with a multi-revenue stream model that combines retail, service, chemical products, and diagnostics. Its retail stores function as trusted community hubs, offering free water testing, expert advice, and product sales, while its professional service teams deliver reliable maintenance and care. This integrated approach generates recurring, recession-resistant revenue and firmly positions Poolwerx as reliable experts in the industry. 

“Pool ownership can be a chore, and our goal is to make it fun, easy, and reliable,” said Jeff Powell, Vice President of Sales at Poolwerx. “Our franchise partners benefit from a proven system, a brand with three decades of legacy, and a commitment to innovation that keeps us ahead of the curve.”

With mobile options and territories still available across the U.S., Poolwerx is actively seeking franchise candidates who are growth-minded, entrepreneurial leaders — ideal for empire builders, multi-unit operators, and veterans. For more information about Poolwerx and its franchise opportunity, please visit https://poolwerxfranchising.com. 

# # #

About Poolwerx

Poolwerx is the largest global franchise pool retail and service brand with over 650 service vehicles and 180 retail stores across the U.S., Australia, and New Zealand. Offering recurring maintenance, repair, retail, and delivery services, the brand’s success stems from its cutting-edge technology, thorough training, and scalable business model. For more information, visit poolwerx.com. For franchise opportunities, visit poolwerxfranchising.com.

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Press Releases

Pinch A Penny Opens New Store in Lakeway, Texas

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Lakeway, TX — Pinch A Penny, America’s largest franchise pool supply, service and renovation company, celebrated the grand opening of its newest location in Lakeway, Texas with a ribbon-cutting ceremony and donation program last Tuesday, July 8, 2025.

The event marked not only a significant milestone for local owners Kevin and Cheryl Bell but also a heartfelt effort to support those affected by recent flooding across Central Texas.

In response to the devastating floods over July 4th weekend, the Bell family organized a donation drop‑off program during store hours, now through Sunday, August 3, 2025. Community members are invited to contribute items such as clean towels, bottled water, diapers, dry snacks, cleaning supplies, and other essential goods. All donations will go directly to local flood relief organizations supporting affected families across Central Texas.

Pinch A Penny celebrated the Grand Opening of its new location in Lakeway, Texas

“We are thrilled to start offering pool service and supplies at the Lakeway and Bee Cave communities.” said Kevin Bell, the store’s owner. “But even more importantly, we want to lend a helping hand to our neighbors in need. This donation drive is our way of giving back and standing with Texas during this challenging time.”

 Pinch A Penny is open from 9am-6pm Monday through Friday, 10am-6pm on Saturday and 12pm-4pm on Sunday. The store is located at 1510 Ranch Road 620 South Suite 600 to serve both the Lakeway and Bee Cave communities.

For more information about product lines, services, or donation guidelines, visit https://pinchapenny.com/stores/lakeway-tx-295 or call (512) 969‑8343.


About Pinch A Penny
For over 50 years, Pinch A Penny has been a trusted expert in pool and spa care, operated by local owners who are committed to delivering knowledgeable advice, quality products, and exceptional customer service at neighborhood locations throughout the sunbelt states. With franchise owners on premise at every location, Pinch A Penny provides its customers with premier pool care and unrivaled services. Backed by parent company, POOLCORP (POOL), the largest swimming pool distributor in the world, Pinch A Penny owners and associates undergo educational programming to obtain the expert qualifications of Certified Pool Operators. For more information about Pinch A Penny or POOLCORP, visit https://pinchapenny.com or https://poolcorp.com.

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Pool Maintenance

Pinch A Penny Franchise Owners Open First Store In North Carolina

From Poolside Romance To Business Expansion: New Pinch A Penny Franchise Owners Open First Store In North Carolina

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Pinch A Penny Franchise Owners Open First Store In North Carolina

RALEIGH, NC (April 29, 2025) – Pinch A Penny opened its first location in Raleigh, North Carolina this past Friday, marking its continued strategic expansion throughout the Sun Belt region. Raleigh locals Aaron and Shawnta Askins are partnering with Pinch A Penny to own and operate the new store, harnessing their shared industry experience, deep community roots and exceptional customer service to bring premium pool service and products to the Triangle area. Since starting with one family-owned location in Clearwater, FL, Pinch A Penny has grown exponentially across the southeastern U.S., and continues to do so by franchising with locals to own and operate every location and offer unrivaled customer service and premium products. With owners on site daily, Pinch A Penny customers across the country are provided expert, personalized advice, allowing them to select the best products and services for their pools’ needs. All Pinch A Penny locations offer custom pool service plans, free water testing, equipment installation and repair, as well as high-quality products including specialty chemicals, automatic pool cleaners, pumps, heaters, chillers and more.

Now, as the brand surpasses 300 locations and celebrates 50 years in business, the company will begin developing its presence in the Carolinas.

“Pinch A Penny has always been committed to choosing franchise partners who reflect our values and care deeply about their communities,” said Jim Eisch, President and CEO of Pinch A Penny. “Aaron and Shawnta’s story is a powerful example of purpose and partnership, and we are proud to partner with them as we expand to Raleigh.”

The Askins bring a blend of industry and customer care expertise. Aaron spent more than 16 years working with POOLCORP, the world’s largest swimming pool distributor and the organization’s parent company, providing him experience in water filtration, softeners and home exteriors. Shawnta brings more than a decade of experience in interior design, community ministry and leadership, along with the care and insight of being a full-time mom. Their journey together began when they met while working at a pool service store, and their shared history in the industry, paired with a vision for family-run entrepreneurship, now comes full circle with their very own Pinch A Penny location.

“We’ve been in the brand family for 16 years, and, with the family-owned-and-operated aspect of Pinch A Penny, we knew we were ready to build something of our own with them,” said Shawnta Askins, co-owner of the Raleigh, NC location. “Owning our own Pinch A Penny store allows our family to work together, pour into our community and provide our neighbors with trustworthy service rooted in real, personable relationships.”

The Raleigh store offers Pinch A Penny’s full suite of services, including free water testing, equipment installation and repair, pool renovation and outdoor living design, as well as a wide selection of chemicals, pool supplies and outdoor products to supply Raleigh with pool and patio essentials. After spending 20 years in Raleigh and building deep connections in the area, the Askins know the needs of the region well and look to actively support local schools and causes close to their hearts through their partnership with Pinch A Penny.

With a focus on community, the Raleigh team hopes to build long-term relationships with customers rooted in effective communication, education and scalable service to find the right solutions for each lifestyle.

“Our goal is to serve our customers the way we’d want to be served,” said Aaron Askins, co-owner of the Raleigh Pinch A Penny. “That means listening to needs, providing honest expertise and making sure people feel confident in services they’re getting, what they’re buying and how to use products. We’re not just opening a pool store. We’re investing in our neighborhood.”

The Raleigh Pinch A Penny, located at 7901 Falls of Neuse Road, opened on Friday, April 25, 2025. The Askins family will host locals for a Grand Opening celebration at 10 a.m. ET on Wednesday, May 14, complete with a ribbon cutting and an opportunity to meet the owners. The store features 2,600 sq. ft. of retail and service space. Hours of operation are Monday – Friday 9 a.m. – 6 p.m. ET, Saturday 9 a.m. – 5 p.m. ET and Sunday 11 a.m. – 3 p.m. ET.

About Pinch A Penny:

Pinch A Penny is America’s largest franchise pool supply, service and renovation company, now serving local communities for more than 50 years. Starting with one local family-owned location, the brand now has over 300 franchise locations across the sunbelt states and is listed as one of the Top 100 Recession-Resistant franchises by Franchise Business Review. With franchise owners on premise at every location, the organization provides its customers with premier pool care and unrivaled services. Backed by parent company, POOLCORP (POOL), the largest swimming pool distributor in the world, Pinch A Penny owners and associates undergo educational programming to obtain the expert qualifications of Certified Pool Operators, with no prior pool experience needed. The organization is expanding across the west and east and plans to partner with dedicated franchise owners looking to serve their local communities. With an Average Unit Volume of $2 million per location, Pinch A Penny provides its franchisees with exponential income potential, as well as in-house financing of up to 80% and turnkey operational support. For more information about Pinch A Penny or POOLCORP, visit https://pinchapenny.com or https://poolcorp.com. To learn about local Pinch A Penny franchising opportunities, visit https://pinchapenny.com/franchising.

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