Leslie’s, the swimming pool retailer, is preparing to file for Chapter 11 bankruptcy in Houston as soon as next week.
The company is expected to hand control to its lenders as part of the restructuring process.
Leslie’s has struggled under a heavy debt load in recent years, putting pressure on its financial position.
Declining sales have added to the retailer’s challenges, making it harder to manage its obligations.
The planned filing would mark a significant shift for the company, which has been a major player in the pool supply market.
Chapter 11 protection would allow Leslie’s to reorganize its finances while continuing some operations.
Lenders are expected to take ownership stakes in exchange for reducing the company’s debt.
The move reflects broader difficulties in the retail sector, where many chains face similar pressures.
Leslie’s has not yet publicly commented on the timing or details of the anticipated filing.
The case would be filed in Houston, a common venue for large corporate bankruptcies.
