Sleep Number Corp (SNBR): going-concern / distress — Sleep Number files Chapter 11; agrees to $415M sale to Sleep Country Canada subsidiary

Sleep Number Corp

Filed Chapter 11 on June 12, 2026; Stalking Horse Purchase Agreement with SNBR, Inc. (Sleep Country Canada) for $415M cash.
Debtor-in-possession financing expected up to $260M, including $65M new money and $195M roll-up of prepetition debt.
Prepetition debt of ~$672.5M in default and accelerated, subject to automatic stay.
Common shares significantly out of the money, expected to have no recovery; Nasdaq delisting anticipated.
Operations continue during court-supervised sale process; stores open, orders accepted, warranties honored.

item 1.01 item 1.03 item 2.04 item 7.01 item 9.01

Featured in Daily 8-K Digest

Selected #9 for 2026-06-12. Read digest

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sleep Number Corp faced acceleration on credit facility of approximately $672.5 million in the aggregate principal amount with U.S. Bank National Association as Administrative Agent.

Instrument: credit facility
Principal: approximately $672.5 million in the aggregate principal amount
Counterparty: U.S. Bank National Association as Administrative Agent
Event: acceleration

Exact text from the filing

in the acceleration of the Company’s payment obligations under those instruments. As such, substantially all of the Company’s debt, with balances of approximately $672.5 million in the aggregate principal amount as of the Petition Date, is in default and accelerated, but subject to the automatic stay under the Bankruptcy Code. The filing of the

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 1.0

Sleep Number Corp entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2026-06-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2026-06-12

Exact text from the filing

On June 12, 2026 (the “Petition Date”), Sleep Number Corporation (“Sleep Number” or the “Company”) and its subsidiaries (together with Sleep Number, the “Debtors”) filed voluntary petitions for relief (collectively, the “Bankruptcy Petitions”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).

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296 debt financings filed in the last 30 days. Browse all debt financings →

Sleep Number Corp filing history →

Source: SEC EDGAR

accession 0000950103-26-008891

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