Sleep Number files for bankruptcy, agrees to sell assets for $415 million

Corporate Action Impact 4
โดย Reuters·Read original
Summary · why it matters

Sleep Number Corporation filed for Chapter 11 bankruptcy and agreed to sell substantially all of its assets to Sleep Country Canada Inc. for $415 million in cash plus the assumption of certain liabilities. The Minneapolis-based smart-bed maker filed in the Southern District of New York with about $672.5 million in debt, citing tariffs and inflation as key reasons for its financial troubles. Under the agreement, Sleep Country Canada's subsidiary SNBR, Inc. will serve as the stalking horse bidder in a court-supervised sale process that remains open to higher bids, with an auction scheduled for July 13 if a competing offer emerges. The Chapter 11 process is being funded by a debtor-in-possession financing package of up to $260 million from current lenders, including $65 million in new funds. Sleep Number operates 572 U.S. retail locations and has roughly 2,920 employees, while Sleep Country Canada runs more than 300 stores throughout Canada.

Impact on stocks 1

Consumer Discretionary▼ · 1 stocks
Sleep Number Corp
SNBR
▼ NegativeCapitalrelevance

Sleep Number files for Chapter 11 bankruptcy and agrees to sell assets, indicating severe financial distress.

Off-coverage companies 2

Sleep Country CanadaPrivate▲ Positive
Capitalrelevance

Sleep Country Canada Inc. acquires Sleep Number's assets for $415 million, expanding its business.

SNBR, Inc.Private▲ Positive
Capitalrelevance

SNBR, Inc., a subsidiary of Sleep Country Canada, is the stalking horse bidder, likely to benefit from the acquisition.

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