secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2026-06-12T14:26:50+00:00
Accession:  0000950103-26-008891
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 1.03, 2.04, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number files Chapter 11; agrees to $415M sale to Sleep Country Canada subsidiary
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000095010326008891/0000950103-26-008891-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000095010326008891/dp248362_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-26-008891

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