Leslie's files pre-arranged Chapter 11; 76 stores closed, Nasdaq trading suspended Oct 6

Leslie's, Inc.

Leslie's and nine subsidiaries filed pre-arranged Chapter 11 in the Southern District of Texas on Sept 30, 2026; RSA signed with lenders holding ~81.1% of prepetition term loans.
$90.0M Term Loan DIP at SOFR+3.25% and $225.0M ABL DIP at SOFR+6.50%, each maturing six months from the Petition Date; $45.0M of the term DIP funds at interim order.
$60.0M equity private placement buys 55.80% of New Common Equity; term loan holders get 10% and DIP conversion 30%; all existing LESL shares cancelled for no consideration.
Prepetition debt of ~$756.65M term loan and ~$50M ABL is immediately due; 76 under- or non-performing U.S. stores closed Sept 29, 2026, with charges not yet estimable.
Nasdaq notice Sept 25, 2026: bid under $1.00 for 30 days and no cure period after a reverse split; trading suspended Oct 6, 2026, no appeal planned, OTC trading expected.

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