Bristol Settles With 2 Former Executives

Bristol Retail Solutions Inc. said Friday it has settled legal disputes with its former chief executive and its former chairman. Terms were not disclosed. In January, the Newport Beach-based provider of retail automation products and services fired Richard Walker, who was then president and chief executive. Chairman Paul Spindler quit the same month. Walker later filed a breach-of-contract lawsuit against Bristol claiming the company owed him $1.5 million. The company denied any liability and countersued Walker. It also filed a claim against Spindler. Bristol said the agreements “will allow the company to adjust its capitalization,” resulting in fewer outstanding shares of common stock. The company has 6.9 million outstanding shares. As part of the settlement, the company and the former executives have agreed to drop all litigation, Bristol said. The stock closed Friday at 63 cents a share, down 6 cents.