Tempur Sealy terminates contracts with Mattress Firm Holdings
Jan 30 (Reuters) - Mattress maker Tempur Sealy International Inc said it terminated its contracts with U.S. mattress retailer Mattress Firm Holdings Corp, after disagreements over changes in their contracts, which asked for "significant economic concessions."
Tempur Sealy's shares were down 17.6 percent at $52.10 before the bell on Monday.
Tempur Sealy said it expects to cease doing business with Mattress Firm during the first quarter of 2017.
Mattress Firm accounted for about 21 percent of Tempur Sealy's worldwide sales in 2016.
(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Martina D'Couto)
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