<SEC-DOCUMENT>0000921895-25-002120.txt : 20250806
<SEC-HEADER>0000921895-25-002120.hdr.sgml : 20250806
<ACCEPTANCE-DATETIME>20250806191852
ACCESSION NUMBER:		0000921895-25-002120
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250806
DATE AS OF CHANGE:		20250806

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sleep Number Corp
		CENTRAL INDEX KEY:			0000827187
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				411597886
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-55269
		FILM NUMBER:		251191123

	BUSINESS ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404
		BUSINESS PHONE:		7635517000

	MAIL ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SELECT COMFORT CORP
		DATE OF NAME CHANGE:	19980821

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STADIUM CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001105087
		ORGANIZATION NAME:           	
		EIN:				770500018
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321
		BUSINESS PHONE:		(203) 972-8235

	MAIL ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001193805-23-001215</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: STADIUM CAPITAL MANAGEMENT LLC -->
          <cik>0001105087</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>8</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>08/06/2025</dateOfEvent>
      <previouslyFiledFlag>true</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000827187</issuerCIK>
        <issuerCUSIP>83125X103</issuerCUSIP>
        <issuerName>Sleep Number Corp</issuerName>
        <address>
          <com:street1>1001 THIRD AVENUE SOUTH</com:street1>
          <com:city>MINNEAPOLIS</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55404</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>STADIUM CAPITAL MANAGEMENT</personName>
          <personPhoneNum>203-972-8235</personPhoneNum>
          <personAddress>
            <com:street1>199 Elm Street</com:street1>
            <com:city>New Canaan</com:city>
            <com:stateOrCountry>CT</com:stateOrCountry>
            <com:zipCode>06840-5321</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>RYAN NEBEL</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
          <personAddress>
            <com:street1>OLSHAN FROME WOLOSKY LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001105087</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>STADIUM CAPITAL MANAGEMENT LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2616459.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2616459.00</sharedDispositivePower>
        <aggregateAmountOwned>2616459.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>11.5</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001580925</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Stadium Capital Management GP, L.P.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2616459.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2616459.00</sharedDispositivePower>
        <aggregateAmountOwned>2616459.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>11.5</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001987945</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Stadium Special Opportunity I, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>401459.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>401459.00</sharedDispositivePower>
        <aggregateAmountOwned>401459.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.8</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001076204</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>STADIUM CAPITAL PARTNERS L P</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2215000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2215000.00</sharedDispositivePower>
        <aggregateAmountOwned>2215000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001473106</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SEAVER ALEXANDER M</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2616459.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2616459.00</sharedDispositivePower>
        <aggregateAmountOwned>2616459.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>11.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>Sleep Number Corp</issuerName>
        <issuerPrincipalAddress>
          <com:street1>1001 THIRD AVENUE SOUTH</com:street1>
          <com:city>MINNEAPOLIS</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55404</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

During 2023 and 2024, the Reporting Persons expressed their deep concerns about the Issuer's corporate governance and operational leadership, privately at first, and publicly after being left with no other choice. The Issuer has since made significant changes to its Board and leadership team. With a smaller and more effective Board, and with the hiring of the Issuer's new CEO, Linda Findley, the Reporting Persons believe the Issuer is now positioned for operational success and appropriately focused on unlocking the massive potential for shareholder value creation. The Reporting Persons have met extensively with Ms. Findley and her new team over the last several months and are deeply impressed by Ms. Findley, her strategy and the turnaround actions the Issuer has taken under her leadership. Ms. Findley and the newly configured team are executing with sharp focus and an urgency appropriate for the situation. The turnaround of the Issuer is well underway. The Reporting Persons have always admired the Issuer's differentiated products, powerful distribution channel strategy and loyal customer base. The Reporting Persons now believe the Issuer is set to exploit these real advantages. The Reporting Persons fully support Ms. Findley and her team and look forward to working constructively with her and the improved Board.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated to read as follows:

The responses of the Reporting Persons to rows 11 and 13 on the cover pages of this Amendment No. 8 to the Schedule 13D with respect to the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons are incorporated herein by reference. As of the date hereof, the Reporting Persons collectively beneficially own 2,616,459 Shares, representing approximately 11.5% of the outstanding Shares. The percentages reported herein relating to beneficial ownership of Shares are based upon 22,771,000 Shares outstanding as of June 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025.</percentageOfClassSecurities>
        <transactionDesc>Item 5(c) is hereby amended and restated to read as follows:

There have been no transactions in the securities of the Issuer by the Reporting Persons during the past 60 days.</transactionDesc>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>STADIUM CAPITAL MANAGEMENT LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Alexander M. Seaver</signature>
          <title>Alexander M. Seaver, Manager</title>
          <date>08/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Stadium Capital Management GP, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Alexander M. Seaver</signature>
          <title>Alexander M. Seaver, Manager of its General Partner</title>
          <date>08/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Stadium Special Opportunity I, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Alexander M. Seaver</signature>
          <title>Alexander M. Seaver, Manager of the General Partner of its General Partner</title>
          <date>08/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>STADIUM CAPITAL PARTNERS L P</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Alexander M. Seaver</signature>
          <title>Alexander M. Seaver, Manager of the General Partner of its General Partner</title>
          <date>08/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SEAVER ALEXANDER M</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Alexander M. Seaver</signature>
          <title>Alexander M. Seaver</title>
          <date>08/06/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</DOCUMENT>
</SEC-DOCUMENT>
