Sleep Number (SNBR) has spent the better part of the past year fighting to stay alive. Now, with fresh capital in hand and a product line finally resonating with customers, the beaten-down mattress maker may be setting up one of the more compelling turnaround plays in the market.
Earlier this week, the company announced it had reached a new agreement with its lenders that provides $55 million in additional liquidity, including a $25 million term loan, along with relief on certain financial and liquidity covenants. The deal gives Sleep Number the runway it needs to push through its turnaround plan and into the critical Memorial Day selling season.
