Sleep Number Corporation (SNBR)

Sleep Number Corporation designed, manufactured, marketed, and sold beds and related sleep products from its headquarters in Minneapolis, Minnesota. The company was founded in 1987 as Select Comfort and became known for beds with adjustable air chambers that let each sleeper set their own firmness. It later adopted the Sleep Number name for the company as well as the product line.

Select Comfort went public on Nasdaq in the 1990s under the symbol SCSS and later traded under SNBR. The company sold primarily through its own retail stores, supplemented by online, phone, and chat channels, which gave it direct control over the customer experience but also left it with a large fixed store base. At the start of 2022 it operated roughly 650 stores across the United States.

Its product line centered on Sleep Number smart beds, which included sensors for tracking sleep and providing sleep insights, along with FlexFit adjustable bases, mattresses, pillows, sheets, and other bedding. Technology and personalization were central to its marketing, and the company invested heavily in advertising.

In the mid-2020s the business came under financial strain as consumer demand for big-ticket home furnishings weakened and housing-related spending softened. Revenue declined, the company carried significant debt under its credit facility, and management pursued turnaround measures including cost reductions and changes in strategy and leadership.

In mid-June 2026 Sleep Number filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. On June 16, 2026 Nasdaq Staff notified the company that its securities no longer qualified for listing under Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1, which give Nasdaq discretion to delist companies in bankruptcy proceedings.

The company did not appeal the determination. Trading in Sleep Number common stock was suspended on June 23, 2026, at which point the Staff determination became final, and the shares moved to over-the-counter quotation under the symbol SNBRQ.

On July 10, 2026, Nasdaq issued its formal delisting determination, and a Form 25 was filed with the SEC. The removal of the common stock from listing and registration on Nasdaq became effective at the opening of trading on July 23, 2026. Common shares of companies in Chapter 11 frequently receive little or no recovery, and Sleep Number's equity was subject to the outcome of the bankruptcy process.