Sleep Number layoffs, on the record
Every job cut, severance charge and restructuring Sleep Number reported in its annual reports, 2023 to 2026, quoted from the filings. Headcount went from 4,145 to 3,133 team members.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 4,145 | At December 30, 2023 |
| 10-K for 2024 | 3,654 | At December 28, 2024 |
| 10-K for 2026 | 3,133 team members | January 3, 2026 |
Job cuts, severance and restructuring
Our summaryInitiated business restructuring actions after a demand change in August 2023, including contract termination, severance and employee-related benefits, professional fees and asset impairments.
Word for word“In light of the demand trajectory change in August 2023, the Company initiated business restructuring actions.” 10-K for 2023
Our summaryRecorded cash severance and employee-related benefit costs as part of the restructuring.
Word for word“During the fourth quarter of fiscal 2023, the Company recognized $ 15.7 million of restructuring costs, as follows (in thousands): 2023 Cash restructuring costs: Contract termination costs (1) $ 7,410 Severance and employee-related benefits 4,966 Professional fees and other 1,110 Total cash restructuring costs 13,486 Non-cash restructuring costs: Asset impairments (2) 2,242 Total restructuring costs $ 15,728” 10-K for 2023
Our summaryClosed select stores as part of the cost savings plan and restructuring, with additional closures expected.
Word for word“As a part of the Company's cost savings plan and business restructuring actions, select stores have been closed and additional stores are expected to be closed.” 10-K for 2023
Our summaryExpects an additional restructuring cost to be incurred in 2024 and targets incremental operating expense reductions in 2024.
Word for word“In addition to the costs incurred in 2023, the Company expects an additional $ 12 million of restructuring costs to be incurred in 2024, including product value engineering, service simplification, streamlining suppliers and re-prioritizing spend to accelerate near-term growth and efficiency.” 10-K for 2023
Our summaryCompany initiated business restructuring and cost reduction actions to reduce operating expenses, with restructuring costs including contract termination, severance and employee-related benefits, professional fees, and asset impairments.
Word for word“In the fourth quarter of 2023 , the Company initiated business restructuring actions.” 10-K for 2024
Our summaryCompany recorded additional restructuring costs in 2024, including severance and employee-related benefits, under the same cost reduction initiative.
Word for word“In addition to the costs incurred in 2023, the Company incurred an additional $ 18.1 million of restructuring costs in 2024.” 10-K for 2024
Our summaryBreakdown of 2024 and 2023 restructuring costs by type, including severance and employee-related benefits.
Word for word“Severance and employee-related benefits 3,227 4,966 Professional fees and other 4,634 1,110 Total cash restructuring costs 14,888 13,486 Non-cash restructuring costs: Asset impairments (2) 3,178 2,242 Total restructuring costs $ 18,066 $ 15,728 ____________________ (1) Primarily comprised of lease termination costs.” 10-K for 2024
Our summaryCompany expects additional restructuring costs in 2025, primarily lease contract termination costs.
Word for word“The Company expects approximately $ 5 million to $ 7 million of additional restructuring costs to be incurred during 2025, primarily due to lease contract termination costs.” 10-K for 2024
Our summarySelect retail stores have been closed as part of the cost savings and restructuring plan, and additional closures are expected.
Word for word“As a part of the Company's cost savings plan and business restructuring actions, select stores have been closed and additional stores are expected to be closed, and, in some cases, store remodels have been delayed.” 10-K for 2024
Our summaryThe company began cost reduction actions in late 2023 and recognized restructuring costs from them through 2024, including severance.
Word for word“In the fourth quarter of 2023, the Company initiated cost reduction actions to reduce operating expenses and accelerate gross margin initiatives and recognized $ 33.8 million of restructuring costs through December 28, 2024 .” 10-K for 2026
Our summaryThe company incurred more restructuring costs in 2025 from the same initiative, including contract termination, severance, professional fees and impairments.
Word for word“The Company has incurred an additional $ 50.7 million of restructuring costs in 2025.” 10-K for 2026
Our summaryThe company expects further restructuring costs in 2026, mainly severance, contract termination and asset impairments.
Word for word“The Company expects approximately $13 million of additional restructuring costs to be incurred during 2026, primarily due to severance and employee-related benefits, contract termination costs, and asset impairment charges.” 10-K for 2026
Our summaryThe company consolidated roles across key functions to streamline operations under its new CEO.
Word for word“Created a more streamlined operation designed to enable faster decision‑making by consolidating roles across key functions and strengthening accountability;” 10-K for 2026
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2023-12-30 | $4.8 million |
| 2024-12-28 | $20.3 million |
| 2026-01-03 | $17 million |
Sleep Number filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Sleep Number’s annual reports (10-K for 2026, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-03-12. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.