Sleep Number Just Filed for Chapter 11 Bankruptcy—Here’s What Went Wrong After Its $2.18 Billion Pandemic Boom

Sleep Country Canada has made a $415 million opening bid for the mattress manufacturer.

BY GEORGIA FEARN, EDITORIAL INTERN

American consumers are buying fewer mattresses. On Friday, Sleep Number, one of the country’s largest manufacturers of the product, filed for Chapter 11 bankruptcy protection. Shortly after doing so, it received a $415 million opening bid from Sleep Country Canada for substantially all of its assets.

It’s a swift turn from the........

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