USA: Varsity Brands Settles Lawsuit With Umbro Worldwide
US-based cheerleading and dance clothing and product company Varsity Brands Inc, has dropped legal action against leading sportswear manufacturer Umbro Worldwide Ltd and several of its related companies, it announced on Friday.
The litigation involved a license agreement between Varsity and Umbro relating to Varsity's sales of Umbro brand soccer products in the US.
In connection with the settlement and in exchange for an upfront payment and Umbro's agreement to make certain payments to the company in the future, including the purchase of certain inventory from the company, the company voluntarily agreed to terminate its license later this quarter.
Under the terms of the license, which would have expired in two years, the company sold Umbro brand soccer apparel, equipment and footwear to soccer specialty stores and others in the team channel of distribution, principally in the US.
In terminating its agreement with Umbro, the company noted that it retained the right to continue to do business in the soccer market.
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