2023-04-06 13:01:35 ET
- Sweetgreen ( NYSE: SG ) renamed a menu item as part of an agreement to resolve a trademark lawsuit withChipotle ( NYSE: CMG ). Sweetgreen ( SG ) gained 7.2% , erasing the stock's 6.3% decline on Wednesday in the wake of the lawsuit news.
- The renamed menu item comes after Chipotle ( CMG ) on Wednesday accused the salad chain of trademark infringement following the introduction of the “Chipotle Chicken Burrito Bowl” at Sweetgreen on Thursday.
- Sweetgreen ( SG ) has renamed the bowl “Chicken + Chipotle Pepper Bowl,” according to a CNBC report on Thursday, which cited a company representative. It's not clear when the name change will go into effect.
- Chipotle ( CMG ) told CNBC in a statement that it's pleased that the salad chain agreed to changed the name, so both companies agreed to settle the lawsuit.
For further details see:
Sweetgreen renames menu item after Chipotle files trademark suit - report