Sleep Number Corp., the mattress retailer, is scrambling for rescue financing after its share price plummeted more than 80% in just two months. According to people familiar with the matter, the company is actively seeking funding to avoid more drastic measures. The dramatic stock decline has placed the retailer in precarious financial territory.

The steep share price erosion has significantly eroded Sleep Number's market capitalization and raised concerns about the company's financial viability. Seeking rescue financing represents a critical lifeline for the business, potentially through debt restructuring or equity infusions. Without successful financing, the company could face bankruptcy proceedings.

Sleep Number's predicament underscores the challenging retail environment facing specialty furniture companies. The urgent need for rescue financing highlights how quickly market conditions can deteriorate, even for established brands. The outcome of these financing efforts will determine whether Sleep Number can navigate its current crisis.