Sleep Number Corp consummated the asset sale of substantially all its assets to SNBR, Inc., a subsidiary of Sleep Country Canada Inc., on July 31, 2026. The transaction generated $529.5 million in cash proceeds, with approximately $267.4 million distributed to repay debtor-in-possession term loans and roll-up loans, and $10.0 million deposited into an escrow account for post-closing adjustments. Sleep Number filed for Chapter 11 bankruptcy on June 12, 2026, and the Bankruptcy Court approved the sale via a Sale Order entered on July 21, 2026. The company stated that no proceeds will be available for distribution to stockholders, and its outstanding common stock will be cancelled upon plan effectiveness. Sleep Number Corp operates in the consumer durables industry, specifically manufacturing and selling smart beds and sleep technology products.

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.

On June 16, 2026, Nasdaq notified Sleep Number Corporation of its decision to delist the company's common stock following the company's voluntary Chapter 11 bankruptcy filings on June 12, 2026. The delisting is based on public interest concerns and the potential lack of residual equity for common stockholders. Trading on Nasdaq will be suspended effective June 23, 2026, and the company does not intend to appeal the decision. The company operates in the mattress and sleep products industry, designing and selling smart beds.

On June 16, 2026, Sleep Number Corporation and its subsidiaries entered into a DIP Amendment to secure up to $260 million in debtor-in-possession financing. This includes $65 million in new money superpriority senior secured term loans and $195 million in roll-up loans. The financing carries an interest rate of SOFR plus 8.00% or the base rate plus 7.00%, with a maturity date of September 16, 2026. The Bankruptcy Court for the Southern District of New York entered an interim order approving the transaction on June 15, 2026, with a final hearing scheduled for July 9, 2026. The company is operating under Chapter 11 bankruptcy and is exploring a sale of substantially all its assets. Sleep Number operates in the bedding industry and sells smart beds and sleep products.

Sleep Number Corporation filed voluntary Chapter 11 bankruptcy petitions on June 12, 2026, resulting in the acceleration of approximately $672.5 million in debt. The company entered into a stalking horse Asset Purchase Agreement with SNBR, Inc. for $415 million in cash to sell substantially all assets. Proposed debtor-in-possession financing includes up to $260 million in new money and roll-up loans. Sleep Number Corporation is a retailer of sleep products and mattresses.

On June 4, 2026, Sleep Number Corporation elected Colin M. Adams, Esq. to its Board of Directors. The Board now consists of seven members, including six independent directors. Mr. Adams will receive a monthly compensation fee of $40,000, with potential additional fees for extra activities. Sleep Number Corporation is a company that designs and manufactures sleep products.