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Tempur Sealy’s stock rocked after Mattress Firm contracts are terminated

Shares of Tempur Sealy International Inc. plunged to their lowest close in more than three years in very active trade Monday, after the mattress manufacturer said it had terminated all contracts with major customer Mattress Firm.

Tempur Sealy TPX, -28.01% said it received verbal notice last week from its large customer Mattress Firm and from Mattress Firm parent Steinhoff International Holdings NVSNH, -1.32% that significant changes needed to be made to supply agreements or those agreements would be terminated.

Since the companies were unable to reach an agreement, Tempur Sealy said it issued termination notices on behalf of all of its brands to Mattress Firm as of Jan.

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