Sleep Number Files for Bankruptcy, Plans Cross-Border Merger with Sleep Country Canada
Minneapolis-based Sleep Number filed for bankruptcy and announced a court-supervised sale that would merge it with Canadian mattress retailer Sleep Country Canada, following a $50 million Q1 loss and a major product redesign. The company, which employs about 3,000 people and operates more than 570 U.S. stores, says it will honor gift cards and warranties through the process. The merger is contingent on higher offers and court approval, while Sleep Country Canada aims to expand its U.S. presence and product offerings through the deal.