💥Sleep Number's Number is $415 Million💥
Sleep Number Corp. ($SNBR), GoHealth, Inc. ($GOCO), SiFi Networks America, LLC, GoldenPeaks Poland Holding Limited
Next week marks the official start of summer but things have been fiery hot all around thus far in June. There’ve been a number of 90+-degree days; there’ve been a number of filings putting the month nearly on par with May (see below); and, of course, there’s the New York motherf*cking Knicks!
The macro environment has been 🔥 lately too. This past week inflation reaccelerated while growth remained resilient putting the Fed in a position to keep rates higher for longer. Investors had hoped that markets would offer evidence that makes new Fed chair Kevin Warsh’s life easier. Instead, we got both consumer and producer inflation data that suggests the Fed’s long-lasting battle with inflation is far from over.
Obviously we’re referring, in large part, to Wednesday’s CPI report.
U.S. consumer prices rose 0.5% month-over-month in May, following a 0.6% increase in April.
Energy remained the primary culprit, accounting for more than 60% of the monthly increase, while shelter costs continued to grind higher. Other bad signs abound too.
The inflation concerns intensified on Thursday when producer prices surprised to the upside. The Producer Price Index increased 1.1% in May and 6.5% year-over-year, representing the strongest annual producer inflation since late ‘22. Nearly 80% of the increase came from goods prices, reinforcing concerns that upstream cost pressures may eventually flow through to consumers.
Meanwhile the labor market continues to remain reasonably healthy. The most recent payroll report reflected 172k added jobs and an unemployment rate at 4.3%. Resilient economic activity + too-high inflation makes for a tough easing environment for Mr. Warsh, his natural inclinations notwithstanding.
It’s no wonder President Trump is pushing for an Iran deal that many supporters of his initial policy decision consider capitulation. He needs lower inflation and lower rates.
So do a lot of the borrowers you’re talking to, no doubt.
🛌New Chapter 11 BK Filing - Sleep Number Corp. ($SNBR)🛌
On June 12, 2026, Minnesota-based Sleep Number Corp. ($SNBR) and four affiliates (collectively, the “debtors” or the “company”) filed chapter 11 bankruptcy cases in the … 🤔 … Southern District of New York (Judge Kyu Young Paek) to effectuate a combination transaction with Sleep Country Canada (“Sleep Country”) pursuant to section 363 of the bankruptcy code — and all we have to say is “thank the lord almighty for finally putting this thing to bed!” We’ve covered the “wellness technology company” that makes “life-changing, differentiated smart beds,” extensively over the last several months (here, here, here and here) so we’ll keep this to the highlights:*
📍The Final Sign. As if the company’s piss poor performance and retention of a slate or professionals wasn’t enough of a preview of the BK to come, the final indicator came in the past week+ when, on June 10, 2026, the company announced the June 4th addition** of Colin Adams to its board of directors.
Mr. Adams is well-known in RX circles; he’s currently a Partner at advisory shop Uzzi & Lall (after stints at, among other places, Morgan Stanley, Citadel Securities and Kirkland & Ellis LLP); he also has a list of trustee and independent director gigs as part of his resume. He’ll be comped $40k/month subject to the super nebulous qualifier that he’s eligible for “…other additional fees if he is required to be involved in additional activities.” Uh, ooook. What additional activities, exactly, guys? Travis Kelce’s replacement as brand ambassador, 😜?***