Sleep Number furloughing 40% of employees, cutting hours for another 30%
Minneapolis-based Sleep Number on Wednesday joined the long list of companies furloughing and cutting employees' hours amid the COVID-19 pandemic.
In a quarterly earnings release, the company announced it is furloughing 40% of its employees and reducing hours for another 30%. The company is also suspending its 401(K) match and other benefit programs.
Sleep Number said its CEO, Shelly Ibach, won't receive any cash compensation for the balance of the year through a 50% deferral plus an exchange of remaining salary for restricted stock units. The company's board and leadership team is also reducing cash compensation for restricted stock units.
The company attributed the moves to it complying with government orders and closing most of its retail and home delivery options amid the pandemic.
According to its website, Sleep Number employs more than 4,000 people and operates over 570 stores in the U.S., pulling in $1.4 billion in revenues in fiscal year 2017.