Sleep Number enters Chapter 11 sale process, taps Sleep Country Canada as stalking horse bidder

Sleep Number Corporation

Sleep Number Corporation

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  • Sleep Number launched a voluntary Chapter 11 sale process tied to an asset purchase agreement to combine with Sleep Country Canada.
  • Sleep Country Canada set as stalking-horse bidder in a court-supervised Section 363 sale, subject to higher offers and court approval.
  • Up to $260 million of debtor-in-possession financing expected, including up to $65 million of new financing, to fund operations during the process.
  • Lease rejection motion filed for 44 already-closed, non-operational locations as the retailer reviews its store footprint.


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