Pool News
Leslie’s Reportedly Prepares for Chapter 11 Bankruptcy as Possible Nasdaq Delisting Looms
The nation’s largest specialty pool retailer reportedly seen preparing to file for Chapter 11.

Leslie’s, Inc. (NASDAQ: LESL) is reportedly preparing to file for Chapter 11 bankruptcy protection as soon as next week, potentially handing control of the 63-year-old retailer to its lenders. The news comes as the company faces the prospect of being delisted from Nasdaq following a prolonged collapse in its share price.
According to September 24 reports from Bloomberg and The Wall Street Journal, Leslie’s is working toward a restructuring agreement that would transfer ownership to its creditors. Lenders are reportedly prepared to provide approximately $100 million in financing to keep the business operating through bankruptcy, while roughly $750 million in debt could be exchanged for equity.
For existing shareholders, the implications could be devastating. If the restructuring proceeds as reported, their investments could be substantially diluted or wiped out entirely.
Leslie’s has not formally announced a bankruptcy filing, but the possibility is hardly unexpected. In its August quarterly SEC filing, the company acknowledged substantial doubt about its ability to continue operating and warned that bankruptcy could become necessary if it was unable to restructure or refinance its debt.
The latest developments suggest that efforts to stabilize the business through store closures, lower prices and aggressive cost-cutting have not been enough to overcome its mounting financial problems.
A Second Trip to Wall Street That Could End in Bankruptcy
This isn’t Leslie’s first time as a publicly traded company.
After previously operating as a public company before being acquired by private equity, Leslie’s returned to Wall Street in October 2020, during an unprecedented boom in swimming pool construction and backyard spending.
With millions of Americans investing in pools, outdoor living and home improvements, the company appeared well positioned for continued growth.
Instead, the years that followed proved considerably more difficult.
As pandemic spending faded, inflation and higher interest rates squeezed household budgets. New-pool construction slowed, consumers became more selective about discretionary purchases, and the extraordinary demand that had fueled the industry began returning to normal.
Leslie’s was also facing growing competition from Walmart, Home Depot, Lowe’s, Amazon and numerous online pool supply retailers. Customers who once relied on their local pool store could now compare prices and purchase many of the same products without leaving home.
The company responded by closing 80 underperforming stores and one distribution center, reducing inventory and introducing lower prices to attract customers.
For a brief period, those efforts appeared to be working.
According to its second-quarter earnings report, revenue increased 4.3%, comparable sales improved 6.6%, and customer counts rose 8% compared with the previous year. Investors cautiously welcomed the improvement, hoping it signaled the beginning of a turnaround.
Unfortunately, that optimism proved short-lived.
Summer Sales Tell a Different Story
Leslie’s third-quarter earnings, released August 12, revealed that the company was still struggling during what should have been its strongest selling season.
Revenue declined 8.4% to $458.5 million, compared with $500.3 million during the same quarter a year earlier. Comparable sales fell 6.2%, while adjusted EBITDA dropped from $81.6 million to $55.7 million.
Gross margins also deteriorated, falling from 39.6% to 36.5%, illustrating the difficulty of maintaining profitability while lowering prices to compete for customers.
For the first nine months of fiscal 2026, Leslie’s reported a net loss of $87.7 million. Management subsequently withdrew its full-year financial guidance as the company explored alternatives to address its debt.
The problem wasn’t simply that Leslie’s was selling fewer pool supplies. It was that declining sales were making an already difficult financial situation considerably worse.
As of July 4, Leslie’s reported approximately $1.21 billion in total liabilities against $722.2 million in assets, including roughly $753 million in long-term debt.
Closing stores and reducing expenses can help preserve cash, but those measures alone cannot resolve a debt burden of that magnitude.
The reported restructuring would effectively exchange much of that debt for ownership of the company, giving Leslie’s an opportunity to continue operating without the same financial obligations hanging over its head.
For its existing shareholders, however, that opportunity could come at a substantial cost.
Nasdaq Delisting Could Be Next
Bankruptcy isn’t Leslie’s only immediate concern. The company also faces the prospect of being removed from Nasdaq, and the timing of its previous reverse stock split could accelerate that process.
Leslie’s completed a 1-for-20 reverse stock split in September 2025, consolidating every 20 existing shares into one in an effort to address its declining stock price. Split-adjusted trading began September 29, but the stock has since fallen back below Nasdaq’s $1 minimum bid-price requirement.
Normally, a company whose closing bid price remains below $1 for 30 consecutive business days receives 180 days to regain compliance. However, Nasdaq’s rules prohibit that grace period for companies that completed a reverse stock split within the preceding year.
Leslie’s reverse split became effective September 26, 2025, making the timing of its latest share-price decline particularly significant.
If Leslie’s has closed below $1 for 30 consecutive business days while that one-year reverse-split restriction remains in effect, it would not be eligible for Nasdaq’s ordinary compliance period. Under Nasdaq’s rules, staff would issue a Staff Delisting Determination rather than provide the usual 180-day period to regain compliance.
The company could request a hearing to appeal such a determination, although an appeal would not guarantee that its shares remain listed.
A Chapter 11 filing would create another potential obstacle. Nasdaq has discretionary authority to delist companies undergoing bankruptcy, particularly when a restructuring could eliminate existing shareholder equity.
As of September 24, a new Nasdaq delisting determination related to the company’s current share-price performance or reported bankruptcy preparations has not been publicly confirmed.
What Bankruptcy Would Mean for the Pool Industry
A Chapter 11 filing wouldn’t necessarily mean Leslie’s is going out of business.
The process allows companies to continue operating while restructuring their debts, renegotiating contracts and developing a plan to emerge from bankruptcy. The reported $100 million in financing could provide the cash necessary to pay employees, purchase inventory and keep stores open while the restructuring moves through court.
For pool owners, the immediate impact may be relatively limited. Leslie’s could continue selling chemicals, equipment and replacement parts while providing the water testing and technical advice that have long been central to its retail business.
For manufacturers and distributors, however, the implications could be considerably greater.
Leslie’s remains one of the industry’s largest retail distribution channels. A bankruptcy could force suppliers to renegotiate payment terms, reconsider credit arrangements and adjust inventory or production plans. Additional store closures could also affect manufacturers that depend heavily on the retailer to get their products in front of consumers.
Independent pool stores and competing retailers could potentially gain customers if Leslie’s reduces its footprint, particularly in markets where the company has historically maintained a strong presence. However, disruptions to supplier relationships and distribution could also create challenges for businesses throughout the industry.
The bigger question is how much of Leslie’s existing business will survive the restructuring. Its nationwide store network, established customer base and professional water testing services still have value, but those advantages haven’t been enough to offset declining sales and the company’s substantial debt.
Can Leslie’s Survive?
For Leslie’s, Chapter 11 could provide an opportunity to address financial problems that store closures and cost-cutting have been unable to resolve. Exchanging debt for equity could substantially reduce its obligations and allow the retailer to continue operating under new ownership.
That doesn’t mean the underlying challenges disappear. Leslie’s would still have to compete with big-box retailers and online sellers, rebuild customer traffic and find a way to operate profitably with a potentially smaller retail footprint.
For existing shareholders, the reported restructuring presents a different situation. If lenders take ownership in exchange for forgiving debt, there may be little or nothing left for current equity holders.
The coming days should provide a clearer picture of the company’s future. A formal bankruptcy filing would reveal the proposed restructuring terms, financing arrangements and any additional changes to its retail operations.
For the thousands of employees, manufacturers and suppliers that depend on Leslie’s, the immediate concern will be whether the company can maintain normal operations while reorganizing its finances.
For a retailer that has served American pool owners since 1963, the next chapter could look considerably different from the business that returned to Wall Street six years ago.
Pool Builder
Historic Rain in Florida Takes Toll on Pool Job Sites

BREVARD COUNTY, FL — For swimming pool builders along Florida’s Space Coast, Monday, November 2, was anything but business as usual. An extraordinary rainfall event inundated portions of Brevard County, flooding neighborhoods, closing roads and turning active swimming pool construction sites into muddy reservoirs.
According to The Washington Post, portions of Florida’s Space Coast received as much as 28 inches of rain in approximately 36 hours, equivalent to nearly half the region’s typical annual rainfall. The relentless downpours overwhelmed drainage systems, flooded residential neighborhoods and brought construction activity to a standstill.
In some of the hardest-hit communities, nearly two feet of rain fell as a slow-moving weather system repeatedly delivered heavy downpours across the region. The National Weather Service characterized rainfall in portions of southern Brevard County as a 1-in-1,000-year event, a statistical designation indicating a 0.1% probability of rainfall of that magnitude occurring in any given year.
By Tuesday, November 3, the storm had claimed at least two lives. Joshua Bennett, 34, was found dead in his truck in a flooded area of southeastern Palm Bay, while Archie Richards, 78, was discovered inside his Toyota Tacoma in a canal near his home in Malabar. Emergency crews rescued hundreds of people as rising water inundated residential neighborhoods and left vehicles stranded.
Preliminary rainfall reports showed 23.69 inches in Grant-Valkaria, 23.44 inches in Malabar and 19.75 inches in Palm Bay. The extraordinary rainfall overwhelmed drainage systems, flooded homes and brought construction activity to a standstill in affected neighborhoods.
For Jeff Jones, owner and builder at Spacefront Pool & Spa, the storm struck directly at the communities he serves. Several of his active construction projects were caught in the flooding.

From Active Construction Sites to Underwater Excavations
Before the storm, Jones’s crews had been progressing through the normal stages of swimming pool construction. Excavations had been completed, plumbing installed and, at some locations, steel reinforcement and forming were already underway.
“Today was one of those days that reminds you just how unpredictable the construction industry can be, especially here on Florida’s Space Coast,” Jones said. “Today we had multiple swimming pool construction sites flood, freshly excavated pools filling with water and surrounding soil washing back into the pools.”
For a pool builder, an open excavation represents considerably more than a hole in the ground. By the time plumbing, rebar, and forms are installed, crews have already invested substantial labor and materials into preparing the site for the next phase of construction.
Flooding at this stage can undo days of work and leave contractors facing costly repairs. But before Jones could begin assessing the damage, there were more immediate concerns.

A Builder’s First Priority: Safety
“Even with roads closed due to flooding, I made it out to our job sites to assess the situation and address immediate hazards,” Jones said. “One of my biggest concerns was the electrical equipment associated with our pumps.”
With floodwaters rising, he worked to disconnect electrical power safely and remove pumps where conditions allowed.
“Some of my pumps were a foot below water.”
The danger wasn’t limited to electrical equipment. Submerged excavations concealed steel reinforcement, unstable soil and other hazards that could pose serious risks to anyone attempting to recover materials or equipment.
Jones understood there was a point where the effort to protect a construction site just had to stop.
“You can rebuild a swimming pool. You can’t replace someone’s life.”
But the damage to his construction sites wasn’t the only thing weighing on Jones.
“What made this situation even more devastating was that some of our customers’ homes were flooding as well,” Jones said.
“As a business owner, your first instinct is to protect your work and your investment. But you quickly realize there’s a much bigger picture.”
The flooding had turned what began as a construction emergency into something far more personal, with Jones balancing the responsibility of protecting his business against the immediate needs of the families he serves.

Weeks of Recovery Ahead
With the immediate danger beginning to subside, Jones faces the difficult task of assessing what can be salvaged from his flooded construction sites.
The damage to an unfinished swimming pool can extend well beyond the water visible in an excavation. Heavy runoff carries soil, sand, and debris into the work area, potentially compromising excavation walls, displacing forms, and undermining surrounding ground. Plumbing and steel may also require inspection or repair before construction can resume.
Some projects may need little more than pumping and cleanup. Others could require extensive excavation repairs, re-forming and additional inspections. Saturated soil and elevated groundwater levels can further complicate recovery, making it necessary to evaluate site conditions before removing accumulated water.
“This is going to set us back weeks,” Jones said.
The setbacks come with additional labor costs, equipment expenses and the challenge of coordinating crews and subcontractors around work that must now be repeated. For a pool builder managing several projects at different stages of construction, those disruptions can ripple through the entire schedule.
Florida contractors are accustomed to dealing with unpredictable weather, but the magnitude of this event illustrates how even experienced builders can find themselves facing circumstances beyond their control.
Jones has spent years working in an industry where weather is an unavoidable part of the business. His experience has taught him the importance of job-site drainage, protecting equipment and preparing crews to respond when conditions improve. Yet even those precautions have their limits.
“Preparation is everything, but even the best preparation can’t prevent Florida from being Florida on a random Monday in November.”
For now, the work ahead involves assessing the damage, restoring affected construction sites, and getting projects moving again. The financial consequences have yet to be fully determined, but the delays are already a certainty.
As Jones put it, “Mother Nature doesn’t care about your construction schedule.”
Photographs courtesy of Jeff Jones, Spacefront Pool & Spa.
Equipment Supplies
Pool Manager Charged Over Stolen Equipment Sold on eBay

A former New Jersey pool company manager has been charged with theft after allegedly selling company equipment through an unauthorized eBay account and keeping more than $14,000 in proceeds, according to police allegations reported by Newport Dispatch.
Jessica Szurick, 42, of Clifton, was charged Oct. 27 with theft by unlawful taking following an investigation involving Preferred Pool Management Inc. in Fairfield. The company’s owner contacted police Aug. 27 to report the alleged unauthorized sales.
Investigators said industrial machinery and pool equipment had been sold through the account. Financial records obtained through court-authorized subpoenas allegedly showed approximately $14,253 from three transactions deposited into a bank account registered to Szurick rather than the business. The owner also reported unauthorized company credit card purchases, which were reviewed during the investigation.
According to Daily Voice, Szurick’s LinkedIn profile listed employment with Preferred Pool Management from May 2018 through July 2026, most recently as a senior regional manager. The profile described responsibility for 161 commercial aquatic facilities and approximately 315 seasonal employees.
Szurick was issued a complaint-summons and is scheduled to appear in Essex County Superior Court on Dec. 9. The charge remains an allegation, and she is presumed innocent unless proven guilty.
Tracking Equipment and Sales Proceeds
The available reporting does not explain the alleged motive or establish which safeguards Preferred Pool Management had in place. But the alleged transactions illustrate a vulnerability other pool companies can examine: equipment leaving the business without the corresponding revenue reaching its bank account.
Pool Magazine recently explored pool equipment theft and its costly consequences for homeowners. Inside a pool business, protecting those assets requires more than locks and cameras. Employees need access to equipment to do their jobs, and owners need records that account for what happens afterward.
The Cost of Earning That Money Back
For a pool company, an equipment loss can create expenses beyond the item itself. Depending on what disappears, the business may face an urgent replacement purchase, a delayed installation, another truck roll, or hours spent reconstructing records. The reporting does not establish whether those disruptions occurred in this case.
Even the direct loss can take considerable work to recover. At a hypothetical 10% profit margin, a company would need $100,000 in additional sales to generate $10,000 in profit—the amount needed to offset a $10,000 unrecovered loss. That follows OSHA’s cost-divided-by-profit-margin calculation.
The reported eBay proceeds do not establish Preferred Pool Management’s total financial loss. They put a dollar figure on the transactions investigators say they traced.

Building Accountability Into the Business
For pool companies, the challenge is giving employees the access they need while maintaining oversight of valuable assets. Managers must be able to purchase equipment, move it between locations, and keep jobs moving. Those responsibilities should come with records another person can review.
The Insurance Information Institute recommends businesses “implement tight accounting controls that include frequent audits and take steps to ensure employees are aware of these practices.” Its employee theft prevention guidance also encourages businesses to provide a way for employees to report concerns without fear of reprisal.
For a pool business, that oversight can start with equipment sales. Document the item, require authorization for its release, and have someone other than the person arranging the transaction verify that payment reached the company’s account. Equipment marked discarded or damaged should also have a documented explanation.
Broader occupational-fraud research supports the value of internal oversight. “Organizations with effective anti-fraud controls in place consistently experienced lower losses and faster fraud detection,” the Association of Certified Fraud Examiners states in its 2026 occupational fraud findings.
As a pool company adds crews, vehicles, and service locations, an owner’s ability to personally track every asset becomes harder to sustain. Equipment may move among a warehouse, several trucks, and multiple job sites before anyone considers selling or disposing of it. The records and review process need to grow with that operation.
The Fairfield allegations remain for the courts to resolve. For other owners, they present a reason to examine their own process now. Delegating responsibility keeps the business moving; independent review gives the owner confidence that equipment releases are authorized and sale proceeds reach the company. Establishing those checks during everyday operations is far easier than reconstructing the trail after something goes missing
Pool News
Scott Jones Named CEO of Landmark Aquatic

Landmark Aquatic announced the appointment of Scott Jones as Chief Executive Officer, effective November 1, 2026. Jones currently serves as Chief Operating Officer. J. Ryan Casserly, founder of the Landmark platform and its current CEO, will transition to Executive Chairman, where he will focus on mergers and acquisitions and continue working closely with the leadership team on Landmark’s long-term vision and strategic direction.
As Chief Operating Officer, Jones has worked across Landmark to strengthen operations, improve alignment, and advance initiatives that position the company for its next phase of growth. His appointment reflects the impact he has had on the organization and his commitment to investing in the people, processes, and capabilities that set Landmark apart in the marketplace.
“Over the past two years, Scott and I have worked closely together to strengthen the business and prepare Landmark for the future,” said Casserly. “He has developed a deep understanding of our industry, our people, and what makes this company special. Scott brings the leadership, operational perspective, and unwavering commitment to our mission that this next chapter requires. I have full confidence in his ability to keep advancing the business while staying true to what matters most — our people and the customers we serve.”
“I’m grateful for the opportunity to lead Landmark Aquatic and excited about what lies ahead for our company and the commercial aquatics industry,” said Jones. “We have a tremendous team, a strong foundation, and an opportunity to keep raising the bar for our industry. Our mission goes beyond the projects we deliver. It’s about creating opportunities for our employees and helping customers realize the full value of their aquatic facilities throughout their lifecycle. I look forward to building on our progress, working alongside our teams, and continuing to move Landmark forward.”
Landmark remains focused on developing its people, expanding its capabilities, and advancing the commercial aquatics industry through continuous improvement and a long-term commitment to the customers and communities it serves.
About Landmark Aquatic
Since 1967, Landmark Aquatic has helped communities and organizations bring complex aquatic facilities to life and keep them performing. Today, Landmark is the nation’s largest integrated commercial aquatics platform, providing design, construction, renovation, restoration, and maintenance services nationwide. Its construction-led expertise and long-term service capabilities give customers one trusted partner across every stage of a facility’s lifecycle. For the life of your pool. Learn more at www.landmarkaquatic.com.
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44Yearsandcounting
September 25, 2026 at 4:52 am
I don’t believe it will matter what they do. The amount of business they are losing to the internet is not recoverable.