Leslie’s Pool Supply may file Chapter 11 after closing 80 stores
Leslie’s Pool Supply is facing a possible Chapter 11 filing after closing 80 locations in March. The company reported positive Q2 results with revenue growth of 4.3% and a comparable sales increase of 6.6%.
The decline in luxury shoppers’ optimism about the economy is driven by global financial uncertainty and market volatility. A survey found a 13 percentage point decline in optimism since the prior survey and a 17 percentage point decline compared to last year.
The company’s challenges are due to decreased discretionary spending by Americans. Despite efforts to cut expenses, the retailer is struggling to operate as customers are not buying at the same level as before.