Updated
Updated · Bloomberg · Jun 12
Sleep Number Files Chapter 11 to Sell Itself to Sleep Country Canada, Listing Up to $10 Billion Liabilities
Updated
Updated · Bloomberg · Jun 12

Sleep Number Files Chapter 11 to Sell Itself to Sleep Country Canada, Listing Up to $10 Billion Liabilities

3 articles · Updated · Bloomberg · Jun 12

Summary

  • Sleep Number said it entered a voluntary Chapter 11 sales process to complete a merger with Sleep Country Canada through court supervision.
  • Court papers filed in New York list $500 million to $1 billion in assets against $1 billion to $10 billion in liabilities, underscoring the scale of its financial strain.
  • Years of weak mattress demand and mounting pressure on the business pushed the company into bankruptcy as it sought a buyer.
  • The deal would shift Sleep Number from a standalone U.S. mattress maker into Sleep Country Canada’s ownership if the court-supervised sale is completed.

Insights

Will a Canadian market leader's playbook work for a bankrupt American smart mattress brand?
Was Sleep Number's failure a rejection of the smart bed or just a flawed business model?
As industry giants merge, is there any room left for niche mattress innovators?