AKRON—Goodyear and Sears, Roebuck & Co. have settled the breach of contract lawsuit Goodyear filed against Sears 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 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 already had 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.