Leslie's shares fall 19% as it reportedly prepares for Chapter 11
LESL•Leslie's shares fell 19% to about 34 cents in extended trading after reports that it may file for Chapter 11 as soon as next week. The company is expected to hand control to lenders as it struggles with heavy debt and declining sales.
1. Reported bankruptcy plans
Leslie's is preparing to file for Chapter 11 bankruptcy as soon as next week, a report said, citing people familiar with the matter. The retailer is expected to hand control to its lenders after struggling with heavy debt and declining sales; last month, it posted third-quarter results below analysts' estimates and withdrew its full-year outlook.
