Tempur Sealy, the maker of TempurPedic mattresses and other bedding products, reported a dismal update on its business sending its shares in a tailspin.
The firm said it expects full year sales for 2016 to be down 1% to 3% from 2015 and expected EBITDA of $500 to $525 million for the full-year, 5% lower than the company's previous projection.
CEO Scott Thompson said net sales for the third quarter were also "below expectations.
Foam mattress maker Tempur-Pedic announced today that it is acquiring Sealy for $1.3 billion. Shares of Sealy were last trading up 4.9%. Shares of Tempur-Pedic were last trading up more than 13%. Earlier this month, Texan hedge fund...
When investors in the mattress maker convene next month, they will decide whether three top officials, including the chief executive, should be ousted.
The investment firm H Partners raises reasonable questions about the board, chief executive and earnings of Tempur Sealy, Stephanie Rogan of Reuters Breakingviews writes.
Tempur Sealy International on Monday unveiled a settlement with hedge fund H Partners that will revamp the mattress company's board of directors and lead to change atop the Lexington, Ky-based company.