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.

New department will expand technical support for reinforced PVC membrane systems across North America

RENOLIT has established a dedicated U.S. engineering department within its North American Pool business unit to support the continued growth of reinforced PVC membrane systems in the North American swimming pool market.

Led by Brandon Mays, the new department will serve as a technical link between architects, aquatic consultants, builders, installers, RENOLIT’s North American commercial team and the company’s engineering and manufacturing resources in Europe. It will provide project-specific technical support, including system recommendations, specification guidance, submittal packages, technical drawings, accessory selection, and installation details.

A primary focus for the department will be developing standardized construction details and installation guidelines that reflect North American construction methods, codes and field conditions. These resources are designed to help architects and aquatic consultants incorporate reinforced PVC membrane systems into project specifications with greater clarity and consistency, while giving builders and installers more complete guidance in the field.

The department will support commercial pool projects from the earliest design and specification stages through installation, helping project teams identify and address potential technical challenges before construction begins. It will also coordinate the adaptation and development of complete systems for the North American market — including membranes, terminations, transitions, drainage components and other accessories — and will contribute to installer training, technical education and the development of qualification standards and best practices, including research into North American testing, certification and code requirements for commercial aquatic facilities.

“For years, we have heard a consistent need from architects, consultants, builders and installers for stronger technical resources in North America,” said Tony Jordan, Business Development Manager. “The creation of this department is a direct response to that need and an important step in supporting the market’s long-term growth.”

Mays brings extensive experience in commercial aquatics, reinforced PVC membrane systems, and project coordination to his new role. He will collaborate closely with RENOLIT’s North American sales, business-development, training and customer-service teams while maintaining a direct technical connection with the company’s Pool engineering team headquartered in Spain. “My priority is to make technical support easier to access and more useful throughout the life of a project,” said Mays. “That means working closely with architects, consultants, builders and installers to develop solutions that are technically sound and practical to execute.”

The establishment of the engineering department reflects RENOLIT’s broader effort to advance reinforced PVC membranes as complete, engineered waterproofing systems rather than treating the membrane solely as a pool finish. By expanding its technical resources in the United States, RENOLIT aims to reduce uncertainty and construction risk while giving architects, builders, installers and facility owners greater confidence in how these systems are designed, specified and installed — representing the next stage of RENOLIT’s ongoing commitment to technical support, professional education and the long-term development of reinforced PVC membrane systems throughout North America.

More information about RENOLIT’s partnership and products can be found here:

renolit-alkorplan.com

New public resources focus on helping pool owners understand water-test results as a connected system rather than a collection of isolated numbers.

AvenBlu, a digital pool-care platform for homeowners and pool professionals, has expanded its free public resource library with a new Pool Chemistry Guide and a companion Pool Calculator designed to turn confusing test results into clearer next-step decisions.

For many homeowners, the hardest part of pool care begins after the test strip. They have numbers, but not context. AvenBlu’s latest launch is built around that gap, helping users understand how readings influence one another and what should be addressed first instead of simply handing them another chart of “good” numbers.

“A chlorine reading by itself doesn’t tell the entire story. We wanted to build something that helps people understand the context before they start adding products.” TY — AVENBLU

Moving Beyond Individual Test Numbers

The Pool Chemistry Guide explains the measurements homeowners encounter most often when testing residential water: free chlorine, combined chlorine, pH, total alkalinity, cyanuric acid, calcium hardness, salt, and water temperature.

Its core premise is simple: these readings are not independent pass-or-fail grades. They are connected signals. A pool may have chlorine that looks acceptable on paper while still underperforming because pH, stabilizer, temperature, recent swimmer load, or general water condition are pulling the system in another direction.

The guide also clarifies a distinction that often gets blurred in consumer-facing pool content: the difference between public-health baselines, commonly used industry operating methods, and AvenBlu’s own conservative planning recommendations.

Instead of encouraging users to chase every number at once, AvenBlu frames pool care as a deliberate sequence: test, interpret, correct, circulate, and retest.

• Explains why free chlorine needs CYA and pH context.
• Shows how alkalinity affects pH stability.
• Connects calcium, temperature, and balance to scale or aggressive water.
• Clarifies that saltwater pools still require complete chlorine and water-balance management.

For homeowners overwhelmed by conflicting online advice, that framing can reduce guesswork. For service providers, it can mean conversations start with better information and more realistic expectations.

From Education to Practical Pool Decisions

The chemistry hub connects directly with AvenBlu’s free Pool Calculator, which lets homeowners enter pool volume and current test results to better understand what those numbers mean and estimate conservative starting adjustments. The calculator is intentionally designed around a test-correct-circulate-retest workflow rather than encouraging several overlapping corrections at once.

1. Test: Start with a current sample and a clear set of readings.
2. Interpret: Read chlorine, pH, stabilizer, and balance together.
3. Correct: Make one deliberate adjustment rather than several guesses.
4. Circulate: Let water mix fully before treating old numbers like current reality.
5. Retest: Use the new reading to choose the next move.

That same philosophy carries into issue diagnosis. For green water, cloudy water, strong chlorine odor, staining, scaling, rapidly disappearing chlorine, or unstable pH, AvenBlu presents symptoms as investigative clues rather than definitive diagnoses.

“The goal isn’t to make every number move at once. It’s to understand the relationships and make the next deliberate move.”

It also draws clear safety lines, advising homeowners to stop and seek appropriate help when facing fumes, spills, burns, major overdoses, uncertain chemical combinations, severe contamination, or circulation failures.

A Growing Pool-Care Knowledge Library

The Pool Chemistry Guide is part of a broader expansion of AvenBlu’s public educational resources. The goal is not to publish disconnected articles, but to create a connected user journey that mirrors the way real homeowners think about their pools.

Someone researching a strong chlorine odor can move from an issue-specific guide into broader chemistry education, then use a calculator or retesting workflow to evaluate their own pool. A homeowner dealing with scale can move from identifying the symptom to understanding how calcium, pH, alkalinity, temperature, and overall balance may contribute.

Pool Calculator
Helps homeowners enter pool volume and test results, understand what the numbers mean, and estimate conservative starting adjustments.

Pool Chemistry Guide
Explains chlorine, pH, alkalinity, stabilizer, calcium, salt, testing, water-balance interactions, and correction order in plain language.

Pool Care Guides
Issue-specific resources covering cloudy and green water, saltwater care, stain and scale clues, seasonal maintenance, retesting, and safety.

About AvenBlu
AvenBlu is a digital pool-care platform built to help homeowners better understand, manage, and maintain their pools while also giving pool professionals tools for business visibility, customer management, documentation, and ongoing service operations.

Its platform combines pool-care education, water-test interpretation, maintenance planning, troubleshooting resources, and professional-service connections in one system.