Sleep Number Corporation has received court approval to sell substantially all of its assets and ongoing business operations to SNBR Inc., a wholly owned subsidiary of Sleep Country Canada Inc.
The transaction follows what Sleep Number described as significant improvements to Sleep Country Canada’s previous proposal. Subject to customary closing conditions, the sale is expected to be completed by July 31.
Sleep Number said its day-to-day operations would continue as normal during the closing process. The company will continue selling its latest products, honoring warranties and delivering mattresses to customers’ homes.
“We started this process with the goals of addressing our financial constraints and positioning our business for a stronger future,” Sleep Number President and CEO Linda Findley said. She added that combining with Sleep Country Canada would allow the business to build on the strengths of its brand, products, retail network and workforce.
Findley said the companies see opportunities to create a leading North American mattress and bedding business focused on improving customers’ sleep and well-being. She also thanked Sleep Number employees for continuing to serve customers while the company completes the final stages of the transaction.
Sleep Country Canada President and CEO Stewart Schaefer said the acquisition reflected the company’s confidence in Sleep Number’s growth prospects. Sleep Country Canada plans to expand the brand’s presence in the United States while introducing its sleep products to Canada and other markets.
