You're supposed to scream over ice cream, not pizza!
Well, for U.S. chain foodie
Tricon Global Restaurants
and Thai fast food king
The Pizza plc
, the screaming is over. The duo had been feuding over
licenses, with The Pizza suing Tricon for $180 million. Tricon responded with a countersuit. At question is who has the right to call its restaurants "Pizza Hut."
Today, both companies agreed to drop all legal actions, settling the dispute. The Pizza will continue to operate its 116 Pizza Hut restaurants until the end of the year, when The Pizza will become a new company called
The Pizza Company
. Then those Pizza Hut restaurants will become a different brand. Meanwhile, Tricon's company-owned stores will stay Pizza Hut.