Sleep Number Corporation SEC filings document its personalized sleep-products business, capital structure and public-company governance. Form 8-K disclosures cover operating results, Regulation FD investor presentations, amendments to its credit agreement, covenant and liquidity terms, financing arrangements, officer appointments, board changes and compensatory arrangements.
The company’s proxy materials describe director matters, executive compensation, equity awards and shareholder voting items. Together, the filings provide formal records for Sleep Number’s direct-to-consumer retail model, product and marketing strategy, debt obligations, internal reporting roles and governance practices.
Sleep Number Corporation reports a steep first-quarter loss and warns of substantial doubt about its ability to continue as a going concern. Net sales fell 19% year over year to $319 million as comparable retail sales dropped 16% and store traffic weakened. Gross margin compressed to 57.9% from 61.2%, and restructuring costs of $21.7 million, including $18 million of asset impairments tied to store and office closures, contributed to a net loss of $50.3 million, or $2.19 per share. The company ended the quarter with $1.5 million in cash, $606 million of borrowings under its credit facility and negative operating cash flow. A recent credit agreement amendment added a $25 million term loan and short-term covenant forbearance, but management does not expect to remain in compliance with covenants over the next 12 months and is exploring strategic and financing alternatives.
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.
FMR LLC filed Amendment No. 1 to a Schedule 13G/A reporting ownership of Sleep Number Corp common stock. The filing states 105,412 shares beneficially owned, representing 0.5% of the class as of 03/31/2026. The cover lists sole dispositive power of 105,412 shares and shared voting power of 0. Signatures show authorization by Richard Bourgelas dated 05/05/2026 and reference a power of attorney effective April 13, 2026.
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 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 is asking shareholders to vote on seven proposals at its virtual Annual Meeting on May 21, 2026, including electing three directors and multiple governance changes. The Board seeks approval to declassify itself and to remove supermajority voting requirements for director matters and certain major transactions, shifting to simple majority standards. Shareholders are also asked to ratify Deloitte & Touche LLP as auditor, approve executive pay on an advisory basis, and add 750,000 shares to the 2020 Equity Incentive Plan.
The company describes a turnaround plan under CEO Linda Findley, citing $136 million of cost reductions versus 2024, an amended bank agreement through 2027, and its “Sleep Number Shifts” strategy focused on product simplification, sharper marketing, and broader distribution. For 2025, Sleep Number reports net sales of $1.4 billion, an operating loss of $46.6 million, adjusted EBITDA of $78.3 million, a diluted loss per share of $5.77, and a net leverage ratio of 4.1x EBITDAR versus a 4.5x covenant maximum. The Compensation Committee notes that 2025 annual incentives and 2023 performance share units paid out at zero, emphasizing pay-for-performance alignment.
Sleep Number Corp. Schedule 13G/A amendment: M Partners Fund LP, M Partners Fund (GP) LLC and Ali John Mirshekari report no beneficial ownership of Sleep Number common stock. The filing states 0 shares and 0% ownership, citing 22,864,000 shares outstanding as of January 31, 2026.
The report explains the ownership chain (M Partners Fund LP; general partner M Partners Fund (GP) LLC; managing member Ali John Mirshekari) and includes signed attestations dated 03/27/2026.
Sleep Number Corp disclosure: The Vanguard Group filed Amendment No. 14 to its Schedule 13G/A reporting 0 shares beneficially owned, representing 0% of the class. The amendment notes an internal realignment effective January 12, 2026 that caused certain subsidiaries to report holdings separately.
The filing is signed by Ashley Grim, Head of Global Fund Administration, dated March 27, 2026.
Sleep Number Corporation is soliciting proxies for its 2026 Annual Meeting and requests shareholder votes on director elections and amendments to declassify the Board and eliminate certain supermajority vote provisions.
Management highlights a turnaround plan called Sleep Number Shifts, cost reductions of $136 million (excluding restructuring and other non-recurring costs versus 2024), and an amended bank agreement extended through 2027. The Proxy discloses 2025 results: net sales of $1.4 billion (down 16%), a net operating loss of $46.6 million, adjusted EBITDA of $78.3 million, diluted loss per share of $5.77, and a net leverage ratio of 4.1x EBITDAR with $58 million liquidity. Proposals 2–4 require an affirmative vote of two-thirds of shares outstanding; similar proposals received ~98% support from voting shareholders at the 2025 meeting but fell short of the required two-thirds of all shares outstanding.
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 Corp principal accounting officer Kelly F. Baker received stock-based compensation in the form of common stock awards. On March 16, 2026, she was granted 5,581 and 2,233 shares at no cash cost, increasing her direct holdings.
On the same date, 352 shares were withheld at $3.45 per share to cover estimated taxes tied to the vesting of 966 restricted shares, which is a routine, non-market disposition. After these transactions, she directly holds 10,359 restricted stock units that are scheduled to vest over time.