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The challenges facing Tempur Sealy International Inc (NYSE: TPX ) mounted on Monday with the termination of its supply agreement with its largest customer, Mattress Firm Holding Corp . Wedbush’s Seth Basham ...
Tempur Sealy's shares were down about 28 percent at $45.55 before the bell on Monday. Shares are tanking because Mattress Firm is Tempur Sealy's largest and most profitable customer, so estimates for future periods must be lowered, ROE Equity Research analyst Laura Champine told Reuters. The Lexington, Kentucky-based company said Mattress Firm's senior management and representatives of its parent Steinhoff International Holdings NV verbally notified Tempur Sealy, during the week of Jan. 23, of intentions to terminate contracts if they could not agree on the proposed changes.