Every 8-K that Sleep Number Corporation (SNBR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow SNBR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SNBR filings page.
Sleep Number Corporation reported that Nasdaq has decided to delist its common stock following the company’s recent Chapter 11 bankruptcy filings. Nasdaq cited the Chapter 11 Cases, public interest concerns, questions about any residual equity value for common shareholders, and doubts about ongoing listing compliance.
Trading in Sleep Number’s common stock on the Nasdaq Global Select Market will be suspended at the start of business on June 23, 2026, after which Nasdaq plans to file Form 25-NSE to remove the listing. The company will not appeal this determination and does not expect the delisting to affect its business operations or the Chapter 11 proceedings. The stock may trade on over-the-counter markets, but the company gives no assurance that such trading or an efficient market will develop.
Sleep Number Corporation entered into a new debtor-in-possession credit agreement that provides up to $260 million in Chapter 11 financing. This includes up to $65 million in new superpriority term loans and up to $195 million of existing secured debt converted into roll-up loans.
The Bankruptcy Court has entered an interim order approving the facility, with a final hearing scheduled for July 9, 2026. The DIP and roll-up loans mature on September 16, 2026 and bear interest at SOFR + 8.00% or a base rate plus 7.00%. The loans are secured by first-priority, priming, and junior liens on various collateral and are subject to strict covenants, case milestones, and budget variance tests. The company discloses significant risks related to its Chapter 11 process, including the likely cancellation of its common shares and uncertainty around completing a Section 363 sale or reorganization.
Sleep Number Corporation has filed voluntary Chapter 11 cases in New York, triggering defaults and accelerating approximately $672.5 million of debt, now stayed under bankruptcy protections. The company plans to operate as debtor-in-possession while pursuing a court-supervised sale of substantially all assets.
Prepetition lenders are expected to provide up to $260 million in debtor-in-possession financing, including up to $65 million of new-money term loans and up to $195 million of roll-up loans, bearing interest at SOFR plus 8% or base rate plus 7%. Sleep Number agreed to a $415 million cash stalking horse asset purchase agreement with a subsidiary of Sleep Country Canada, plus assumption of certain liabilities, subject to higher bids and court approval.
The company repeatedly cautions that its common shares are “significantly out of the money,” expects little or no recovery for equity holders, and anticipates its shares will be delisted from Nasdaq.
Sleep Number Corporation reported that attorney Colin M. Adams was elected to its Board of Directors on June 4, 2026, effective immediately. His appointment brings the Board to seven members.
The company states that six of the seven directors qualify as independent under Nasdaq standards. Mr. Adams will receive a monthly fee of $40,000 for Board service, with potential additional fees if he participates in extra activities. The company notes there is no arrangement or understanding with any person regarding his selection and that there are no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.
Sleep Number Corporation approved one-time cash retention awards for key leaders, including its named executive officers, effective May 27, 2026. CEO Linda Findley received a $2,500,000 Retention Award while waiving $625,000 of a prior sign-on bonus, resulting in a net new retention amount of $1,875,000. CFO Amy O’Keefe received a $1,000,000 Retention Award with no prior awards waived. Other executives received awards of $700,000, $850,000, and $450,000 with partial waivers of earlier retention grants.
The awards were paid in cash on May 27, 2026, and must be repaid if an executive is terminated for “cause” or resigns within twelve months. The repayment obligation falls away after certain corporate events or if employment ends without cause, or due to death or disability.
Sleep Number Corporation reported the results of its 2026 Annual Meeting of Shareholders. Investors approved an amendment to the 2020 Equity Incentive Plan, increasing the shares reserved for issuance by 750,000 shares, and this amendment is filed as Exhibit 10.1.
Shareholders elected three directors, ratified Deloitte & Touche LLP as auditor, and approved the advisory vote on executive compensation. Governance proposals to declassify the Board and eliminate certain supermajority voting requirements received strong support but did not reach the required two-thirds of outstanding shares, so those changes were not adopted.
Sleep Number Corporation reported a weak first quarter 2026 as it continues a turnaround and capital structure review. Net sales were $319 million, down 18.9% year over year, reflecting lower volume and fewer stores. Gross profit fell to $185 million with margin compressing to 57.9% from 61.2% due to mix shift and discounting legacy inventory.
Operating expenses were $221 million, but on a non-GAAP basis fell 18% to $195 million after restructuring and other non‑recurring items, supported by about $200 million of annualized cost savings. Restructuring and other non‑recurring costs were $22 million. Net loss widened sharply to $50 million, or $2.19 per share, compared with a $9 million loss a year ago. Adjusted EBITDA dropped 74% to $6 million, a 1.8% margin. Liquidity remains tight: cash was $1.5 million and borrowings under the credit facility were $605.6 million, contributing to a shareholders’ deficit of $626 million and an Adjusted ROIC of ‑13.1%.
The company is executing a broad product and marketing reset and has completed its largest portfolio redesign in nearly a decade, reporting encouraging early customer response. It has secured covenant relief and $55 million of incremental liquidity, including a new $25 million term loan, and is working with advisors on strategic and financing options for a longer‑term capital solution while referencing going‑concern risks noted in its Form 10‑K and upcoming Form 10‑Q.
Sleep Number Corporation entered a Forbearance Agreement and Thirteenth Amendment to its Credit Agreement, adding a new $25 million term loan maturing on June 30, 2026 at one‑month term SOFR plus 8%, with a $5 million amortization due June 1, 2026.
The amendment provides covenant relief and forbearance from lenders regarding specified existing defaults, waives the $30 million minimum liquidity covenant until the first week ending after July 1, 2026, tightens reporting and cash controls, and requires milestones toward a strategic transaction to repay lenders in full. On April 27, 2026, the term loan was fully funded and revolving loans outstanding reached $447.2 million, contributing to roughly $55 million of additional liquidity highlighted by the company.
Management states that performance for the first quarter of 2026 is in line with prior expectations and continues to emphasize a turnaround plan centered on a major new product portfolio, an integrated marketing campaign and ongoing evaluation of strategic business and financing options, with first-quarter results expected on May 12, 2026.
Sleep Number Corporation reported that board member Hilary A. Schneider has decided to leave its Board of Directors at the conclusion of the Company’s 2026 Annual Meeting of Shareholders. She recently became Chief Executive Officer of SimpliSafe, which created new board service limitations.
The Company states that Ms. Schneider’s departure is solely related to her new CEO role and not due to any disagreement with Sleep Number on its operations, policies, or practices. The company publicly thanks her for her leadership and contributions and extends best wishes for her new position.
Sleep Number Corporation furnished an investor presentation outlining a comprehensive turnaround and financial stabilization plan. The company reported 2025 net sales of $1.41 billion and adjusted EBITDA of $78.3 million, with an adjusted EBITDA margin of 5.5%, alongside a net loss of $132.0 million and free cash flow of $(17.7) million.
Management highlighted more than $185 million of annualized cost reductions already executed and plans for an additional $50 million of annualized cost actions in 2026, supporting a pro forma adjusted EBITDA margin of about 9.1%. The strategy centers on three “Sleep Number Shifts”: simplifying the product portfolio, modernizing marketing to improve return on investment, and expanding distribution across physical and digital channels.
The company is also addressing liquidity and capital structure, citing an amended and extended credit agreement and a net leverage ratio of 4.1x under its revolving credit facility as of year-end 2025. Leadership expects that a stabilized top line, consistent gross margins, and a lower fixed cost base can support a return to free cash flow generation in 2026.
Sleep Number Corporation appointed Kelly F. Baker as Controller and Principal Accounting Officer, effective March 11, 2026. She had been serving in this role on an interim basis since July 21, 2025, and has been the Company’s Controller since February 2025.
Baker, 41, previously served as Controller at Miromatrix Medical, Inc. and held finance roles at Donaldson Company, The Tile Shop, and Virtual Radiologic Corporation. She began her career at PricewaterhouseCoopers, holds both bachelor’s and MBA degrees, and is a Certified Public Accountant. The Company states there are no related‑party transactions requiring disclosure.
Sleep Number Corporation reported a difficult 2025 with early signs of a turnaround. Full-year net sales were $1.41 billion, down 16%, as weak industry demand and lower store traffic weighed on results. The company posted a net loss of $132 million, much wider than the prior year’s $20 million loss, while adjusted EBITDA fell 35% to $78 million with a 5.5% margin, down 160 basis points.
Despite this, Sleep Number realized $185 million of annualized cost savings and exited the year with a pro forma adjusted EBITDA margin of about 9%. Management plans another $50 million of annualized fixed cost reductions in 2026 and highlights strong initial demand and higher margins for its new ComfortMode bed and broader product refresh.
Liquidity remains tight, with net cash used in operating activities of $3 million, free cash flow of negative $18 million, cash of $1.7 million, and borrowings of $588.2 million under its revolving credit facility. The leverage ratio under the credit agreement was 4.1x EBITDAR versus a 4.5x covenant maximum, and the company has engaged Guggenheim Securities to evaluate options to improve its capital structure.
Sleep Number Corporation entered into a three-year brand deal with Travis Kelce and TMK Enterprises LLC. The Athlete Parties will work with the company to promote the benefits of quality sleep and help expand its market reach.
Compensation to the Athlete Parties will include cash and a restricted stock unit award granted under Sleep Number’s 2020 Equity Incentive Plan, with vesting over three years. They also agreed to make open market purchases of Sleep Number common stock, aligning part of their interests with existing shareholders.
Sleep Number Corporation (SNBR) filed an 8-K detailing its amended and extended credit agreement through 2027 and clarifying covenant terms and EBITDA definitions. The amendment raises near-term Net Leverage Ratio thresholds, including 5.25x for the quarter ended September 27, 2025, 4.50x for the quarter ending January 3, 2026, and 4.00x for each quarter thereafter.
The definition of Consolidated EBITDA now permits addbacks for approved pro forma cost actions implemented but not yet fully realized, while restructuring and other non-recurring addbacks are unchanged. The company reiterates 2025 adjusted EBITDA of about $70 million and, with roughly $40 million of structural changes, expects Consolidated EBITDA of about $110 million, supporting covenant compliance. Management plans to stabilize and modestly increase marketing in 2026 to back product launches, broaden consumer reach, and build on repeat demand.
Sleep Number (SNBR) amended its credit agreement, extending the maturity to December 3, 2027 and adjusting key terms. The revolving credit facility is reduced from $485 million to $475 million, and to $465 million on July 31, 2026. Pricing shifts to fixed grids: the Applicable Margin for Term SOFR Loans is 4.0% through December 31, 2026 and 4.25% starting January 1, 2027; the commitment fee is 0.50% through December 31, 2026 and 0.75% thereafter.
The amendment increases scheduled term-loan amortization by $1,250,000 per quarter beginning March 31, 2027 (aggregate $3,750,000). It terminates the accordion and tightens/clarifies covenants, including maximum Net Leverage Ratio stepping to 4.00x thereafter, a Liquidity minimum of $30 million until September 30, 2026 and $40 million monthly thereafter, refreshed Interest Coverage thresholds, and a new quarterly minimum EBITDA test. The company states it was in compliance following the amendment. Separately, Stephen L. Gulis, Jr. retired from the Board effective November 4, 2025.
Sleep Number Corporation filed a current report to note that it issued a press release on November 5, 2025, sharing its financial results for the fiscal third quarter ended September 27, 2025. The filing itself primarily serves as a formal notice that these quarterly results have been released to the public.
The report attaches the full earnings press release as Exhibit 99.1, where detailed financial and operating results for the third quarter can be found.