AM I NEXT? NO LOVE AT SLEEP NUMBER

Minneapolis, Minnesota-based Sleep Number, a manufacturer of Sleep Number and Comfortaire beds, foundations, and bedding accessories, has announced a restructuring, including management changes, a new cost containment initiative that will see the closure of 40 to 50 stores in 2024, and a 10% reduction in the company's workforce, including headquarters and R&D employees.

In another round of layoffs, 500 employees, or 10% of the workforce, is impacted.

According to the company's SEC filing, "Sleep Number has struggled in recent quarters amid slower consumer demand for its high-end mattresses. We have implemented a reduction in

the workforce across all areas of our business, including corporate and R&D. We don't take this action lightly, but we believe these reductions are important and necessary to align our cost structure with the ongoing challenging market conditions. We are rationalizing and optimizing our store portfolio in slowing the rate of new store openings and remodels, reducing our 2024 capital expenditures."

"Our restructuring actions include a reduction in workforce by around 10% or approximately 500 team members. We have been aggressively managing our costs, and this initiative is in addition to a significant reduction in headcount over the past 18 months. With the recent actions, we expect to enter 2024 with total team members 20% below 2021 levels and 5% below 2019 levels. We are also rationalizing our store portfolio to align with the current demand environment. Specifically, we expect to close 40 to 50 stores through 2024. While closing stores will create some demand pressure next year, we will minimize the impact by focusing on effective sales transfer, both digitally and to stores within the same markets."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SOUTHWESTERN HEALTH RESOURCES

Farmers Branch, Texas-based Southwestern Health Resources, an alliance created by Texas Health Resources and UT Southwestern Medical Center, has announced a reorganization and a reduction in force.

Approximately 288 employees, including intake specialists, coding auditors and reviewers, business analysts, registered dieticians and quality auditors, and other support roles, are impacted by the reorganization, with layoffs scheduled by December 31, 2023.

According to a company spokesperson, “After careful consideration, we are adjusting our organizational structure and aligning our staffing model to meet current needs in our evolving healthcare market while also maximizing value, quality, and service for our patients. We are providing support and resources for employees whose positions are impacted."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT KLAUSNER FURNITURE INDUSTRIES

Asheboro, North Carolina-based Klaussner Furniture Industries, a contract manufacturer of furniture, has announced plans to close its facilities in and around Asheboro, North Carolina, starting August 7, 2023, and continuing through August 21, 2023. All executive and employee positions are being eliminated.

The closure will impact 884 employees at seven locations.

The company has noted that its primary lender has unexpectedly refused to continue to fund the company's operation operations.

According to a statement filed with the State of North Carolina, "As the result of challenging and unexpected business circumstances impacting our operations, Klaussner Furniture Industries, Inc. and its direct and indirect subsidiaries must unexpectedly wind down the operations."

“The outcome was not reasonably foreseeable, but due to these unexpected circumstances, the company can no longer sustain the operations. As a result, the company has made the difficult decision to cease operations and is providing as much notice as possible.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?