Tempur Sealy Int'l (TPX) will cease doing business with Mattress Firm (MFRM)

Tempur Sealy Int'l anticipates it will cease doing business with Mattress Firm, a unit of Steinhoff (SNHFY), during 1Q17 :

Co announced that during the week of January 23, 2017, senior management of Mattress Firm Holdings (MFRM) and representatives of its parent Steinhoff International Holdings N.V. , verbally notified the Company of its intent to terminate all of their contracts with the Company in the US, if the Company did not agree to considerable changes to their agreements, including significant economic concessions.

• Co engaged in discussions to facilitate a mutually agreeable supply arrangement with Mattress Firm (MFRM).
• However, the parties were unable to reach an agreement, and the Company issued formal termination notices for all of its brands to Mattress Firm as of January 27, 2017.
• The Company anticipates it will cease doing business with Mattress Firm during 1Q17.
• THe co also filed Q4 prelim guidance w/ the press release so check our 6:06 for more details on TPX's guidance