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- Suppliers pile pressure on government over energy bills
Immediate action is needed to help households struggling with bills this winter, says trade body Energy UK. [TheTopNews] Read More.1 hour ago - White House Filing Claims President Has Authority to Bar News Outlets
The Trump administration again defended the decision to bar CNN, MS NOW and Politico from the White House and to exclude journalists from the pool that covers the president in small spaces. [TheTopNews] Read More.3 hours ago - Federal Watchdog Investigates Adam Kinzinger for Kalshi Bets on His PardonThe inquiry by the Commodity Futures Trading Commission centers on bets the former congressman made on Kalshi in the weeks before he was pardoned in January 2025. [TheTopNews] Read More.4 hours ago
- US Sanctions A7, a Russia Firm That Helps Sidestep Economic RestrictionsThe move followed reports detailing how A7, a Moscow firm, uses shell companies around the world to move funds for clients who are themselves subject to sanctions. [TheTopNews] Read More.4 hours ago
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- Pool supplies retailer files for bankruptcy, to close 76 stores
Pool and spa service provider Leslie's Inc. announced this week that it entered into a restructuring agreement with a group of its existing lenders and will close some stores while continuing to operate as it restructures through bankruptcy.The company said that it filed voluntary petitions for prearranged Chapter 11 bankruptcy cases in federal court that will see it emerge under the majority ownership of the group of its existing lenders. Leslie's said that it expects the process to move efficiently and indicated its goal is to emerge from Chapter 11 in early 2027."Today’s announcement marks an important milestone in our commitment to our customers and our business," said Leslie's CEO Jason McDonell. "With a stronger balance sheet and greater financial flexibility, Leslie’s can reinvest across the business to strengthen operating execution and deliver an even better experience for our customers, both in-store and online. Leslie’s is here to stay, and I am deeply grateful to our employees, customers, and partners for their continued support as we work to position Leslie’s for a strong future," McDonell added.BREAKFAST CHAIN FRANCHISEE FILES FOR BANKRUPTCY AS RISING COSTS, WEAK SALES WEIGHLeslie's said in its announcement that it's the largest direct-to-consumer brand in the pool and spa care industry, serving residential customers and pool professionals around the country – noting that it "remains fully operational and committed to serving customers without interruption, including through its physical stores and digital platforms."The company announced the closure of 76 stores in conjunction with the restructuring after an evaluation of how to best align its store network with customer demand. OUTDOOR RETAILER CLOSING NEARLY 60 STORES AMID BANKRUPTCYLeslie's other remaining stores will remain open and fully operational as the company continues to evaluate its real estate portfolio during the Chapter 11 process.All gift cards and loyalty program benefits will also continue to be honored.Leslie's said that the restructuring agreement includes commitments for $90 million of new-money debtor-in-possession (DIP) financing, and a $60 million equity financing. SAKS EMERGES FROM BANKRUPTCY WITH A NEW NAME AND A LEANER STORE FOOTPRINTThe company filed motions seeking approval of the $90 million DIP facility, and a fully committed $225 million DIP asset-based financing facility from its existing ABL lenders.It said there will be a reduction of about $685 million, or 90%, of the company's outstanding funded debt.Leslise's said that it also filed a series of customary first day motions to allow it to continue to pay wages… [TheTopNews] Read More.9 hours ago
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