Sleep Number Corporation (Nasdaq: SNBR) is merging with Sleep Country Canada to create a new North American mattress and bedding company. The deal follows Sleep Number’s Chapter 11 sale process.
Sleep Number CEO Linda Findley called the company’s capital structure “unsustainable” despite turnaround efforts. The company is continuing to work on its turnaround strategy including reviewing its store footprint.
Davis Polk & Wardwell LLP and Guggenheim Securities are advising Sleep Number. Sleep Country Canada is being advised by Goodwin Procter LLP and PwC as financial advisor.