Sleep Number Faces Delisting as Bankruptcy Triggers Stock Drop

WHO:

Fast Company - Sleep Number Corporation, CEO and President Linda Findley, Sleep Country Canada, CEO Stewart Schaefer.

USA Today - Sleep Number, Travis Kelce, Kansas City Chiefs.

WHAT:

Fast Company - Sleep Number Corporation will be delisted from Nasdaq after filing for Chapter 11 bankruptcy.

Fast Company - Sleep Number's stock (Nasdaq: SNBR) will be delisted when the market opens on Tuesday, June 23.

USA Today - Sleep Number filed for bankruptcy with about $672 million in debt.

USA Today - Sleep Number reported $319 million in net sales and a $50 million net loss in the first quarter of 2026.

USA Today - Sleep Number plans to merge with Sleep Country Canada to create a leading North American mattress and bedding company.

Fast Company - Sleep Number expects to receive up to $260 million of debtor-in-possession financing from declaring bankruptcy.

Fast Company - Sleep Number stated that holders of shares of the Company’s common shares will experience a complete or significant loss on their investment.

WHERE:

USA Today - Sleep Number is headquartered in Minneapolis and operates 572 stores nationwide.

WHEN:

Fast Company - Sleep Number filed for Chapter 11 bankruptcy on June 12.

Fast Company - The delisting of Sleep Number's stock will occur on Tuesday, June 23.

WHY:

USA Today - Sleep Number cited inflation, tariffs, and supply chain disruptions as reasons for its bankruptcy filing.

Fast Company - Linda Findley described the company's capital structure as "unsustainable."

HOW:

USA Today - Sleep Number attempted to stabilize its finances by refinancing debt, closing stores, and streamlining its product lineup before filing for bankruptcy.

(UPDATED June 18, 2026 14:06 UTC)

Sleep Number Corporation has filed for Chapter 11 bankruptcy, citing inflation, tariffs, and supply chain disruptions as contributing factors, and it will be delisted from Nasdaq on Tuesday, June 23. The company, which is headquartered in Minneapolis and operates 572 stores nationwide, reported $319 million in net sales but faced a $50 million net loss in the first quarter of 2026, while carrying approximately $672 million in debt. Sleep Number plans to merge with Sleep Country Canada to create a leading North American mattress and bedding company, but shareholders can expect a complete or significant loss on their investments.