The Chlorine Chronicles: Leslie’s ($LESL) Sinking Ship

Price hikes killed loyalty, e-comm stole the wallet, and now creditors are asking questions nobody wants answered.

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Leslie’s 1L debt is trading at 70 cents on the dollar. Let that sink in.

The company used to be pool-supply royalty. But now? The nation’s largest pool retailer with 1,000+ stores is struggling to stay afloat as their margins have collapsed from a historical 15-20% down to single digits.

During COVID’s pool-building bonanza, Leslie’s hit the jackpot, then promptly shot themselves in the foot by dramatically hiking prices. A bucket of chlorine tabs that once cost $79 suddenly jumped to $200. They called it economics; customers called it gouging.

The problem? Those pandemic pool owners had zero brand loyalty. When they saw Leslie’s prices, they did what any modern consumer would—they went to Amazon.

Now Leslie’s is slashing prices trying to win back customers who’ve moved on. Home Depot just acquired Heritage Pool Group. POOLCORP’s Pinch A Penny is expanding aggressively. And Amazon continues shipping chlorine tabs directly to doorsteps.

While Leslie’s desperately tries to rebuild trust, their massive store network has become an expensive liability in an increasingly digital marketplace.

The question now: can this pool industry titan recover, or are they destined to become just another cautionary tale of retail obsolescence?

Let’s find out…