Mattress company Sleep Number plans $415 million bankruptcy sale

Source: CNBC

Published Fri, Jun 12 2026 3:16 PM EDT


Mattress company Sleep Number filed for bankruptcy in New York on Friday and said it plans to sell its assets under a $415 million buyout offer from Canadian bedding company Sleep Country Canada Inc. Sleep Number, which recently entered into a sponsorship agreement with National Football League star Travis Kelce, entered bankruptcy with $672 million in debt. It blamed tariffs and inflation for its recent business stumbles.

President Donald Trump’s “unpredictable” tariff policy undermined the company’s global supply chain for smart beds and mattresses, increased operating costs and had a significant impact on its bottom line, according to court filings.

The company, headquartered in Minneapolis, Minnesota, has approximately 2,920 employees. Known for its highly adjustable, premium mattresses, Sleep Number reported $319 million in net sales and a net loss of $50 million for the first quarter of 2026, according to its May filing with the U.S. Securities and Exchange Commission.

Before filing for bankruptcy, Sleep Number tried to free up additional cash flow by refinancing some of its debt, selling its right to refunds under 2025 tariffs that were invalidated by the U.S. Supreme Court, closing some stores, and streamlining product offerings, according to court documents. Sleep Number’s court filings did not say how much it paid in 2025 tariffs or how much money it gained by selling its refund rights.

Read more: https://www.cnbc.com/2026/06/12/mattress-company-sleep-number-bankruptcy-sale.html