Leslie’s, Inc., the largest direct-to-customer pool and spa care brand in the United States, announced on September 30, 2026, that it has entered into a Restructuring Support Agreement (RSA) with a group of its existing lenders. The filing with the U.S. Bankruptcy Court for the Southern District of Texas outlines a prearranged plan to restructure the company's capital structure.

The RSA includes commitments for $90 million of new-money debtor-in-possession (DIP) financing and a $60 million equity financing. The company also disclosed that it expects to eliminate approximately 90% of its outstanding funded debt, specifically a reduction of approximately $685 million. Upon emergence from bankruptcy, the company expects to be under the majority ownership of a group of its existing lenders who support the restructuring.

The company and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. The subsidiaries named in the filing include Leslie’s Poolmart, Inc., Cortz, Inc., LPM Manufacturing, Inc., Horizon Spa & Pool Parts, Inc., Hot Tub Works, LLC, Pool Parts, Inc., RAM Chemical & Supply, Inc., SPP Holding Corporation, and Stellar Manufacturing, LLC.

As part of the restructuring, Leslie’s has announced the closure of 76 stores. The company stated that all remaining stores outside of those closed remain open and fully operational. The company also indicated that it will continue to honor all gift cards and loyalty program benefits throughout the process.

To maintain stable operations during the bankruptcy proceedings, the company has filed customary first-day motions. These requests include approval for a $90 million DIP facility from a group of existing lenders and a $225 million DIP asset-based financing facility from existing asset-based lenders. The company has also requested authority to pay employee wages and benefits, as well as critical vendor obligations, in the ordinary course of business.

The company’s advisors include Simpson Thacher & Bartlett LLP and Haynes and Boone, LLP as legal counsel, Berkeley Research Group, LLC as financial and restructuring advisor, Centerview Partners LLC as investment banker, and C Street Advisory Group as strategic communications advisor.