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.