On July 18, 2026, Sleep Number Corporation entered into an Amended and Restated Asset Purchase Agreement with SNBR, Inc. (a subsidiary of Sleep Country Canada Inc.) following a Bankruptcy Court-supervised auction. The agreement increases the base cash purchase price for substantially all of the company's assets from $415 million to $529.5 million. Key modifications include reducing the adjustment escrow account from $25 million to $10 million, reducing potential purchase price deductions, and eliminating several pre-closing covenants regarding marketing expenditures and employee acceptance thresholds. A new closing condition requires the funding of a $5,193,168 "Stub Rent Reserve" for unpaid lease obligations. The transaction remains subject to Bankruptcy Court approval and antitrust clearances. Sleep Number operates in the bedding industry and sells smart beds and sleep products.
