AKRON—Goodyear and Sears, Roebuck & Co. have settled the breach of contract lawsuit Goodyear filed against the mass merchandiser in Akron federal district court.
The court entered a dismissal of Goodyear's claims against Sears and Sears' counterclaims against Goodyear Oct. 2 upon being notified of the settlement, according to a statement from Goodyear.
In its complaint filed Oct. 27, 2014, Goodyear accused Sears and two Sears subsidiaries of reneging on a 2009 agreement for Goodyear to manufacture co-branded Goodyear Weatherhandler Fuel Max tires to be sold exclusively by Sears.
According to the complaint, Sears abruptly switched tire suppliers in June 2014, refused to accept the nearly 220,000 co-branded tires Goodyear had already made that year based on Sears' sales forecast, and forbade Goodyear from selling the tires itself.
Goodyear had sought $18.9 million in damages for breach of contract, $600,000 in damages for Sears allegedly taking improper discounts on the tires, pre- and post-judgment interest, and all court costs and attorneys' fees.
As reported in the Sept. 28 issue of Tire Business, TBC Corp. began offering the Goodyear Weatherhandler Fuel Max tires through its NTB and Tire Kingdom stores in Florida and Texas.