Domino's reaches settlement with franchisee

Tim Yervantian was suing Australia's largest pizza company for $6.1 million.

A Domino's franchisee has discontinued his claim after reaching a settlement.

A spokesperson for Tim Yervantian told the Australian Financial Review: "The settlement terms are confidential except to the extent that the parties have agreed to disclose that the current proceedings by the franchisee will be discontinued and there will be no further proceedings between the parties."

Asked about the report, a Domino's spokesperson provided the following comment: "The company's currently in blackout and will next update the market on the 20th of February."

Last December, Yervantian demanded AU$6.1 million as compensation for losses and damages. He stressed that the company vowed that his first store would generate AU$100,000 a week, but instead got AU$34,000. Domino’s then denied these allegations.

Photo credit: Domino's Facebook