Martha Stewart Living Sued by Macy's Over JCPenney Deal (Report)
NEW YORK - Retail giant Macy’s has sued to block Martha Stewart Living Omnimedia’s 10-year merchandise deal with competitor JCPenney, which included a 16.6 percent stake in the company founded by the domestic doyenne, the New York Post reported.
Macy's said it plans to keep selling Martha Stewart products at its stores exclusively for the next five years, arguing that it had renewed its previous agreement with Stewart, according to the paper.
“The right for Macy’s to sell [Martha Stewart] product exclusively in these categories [such as cookware, kitchen utensils and bed-and-bath products] was clearly outlined” in the agreement, the Post quoted Macy’s as saying. According to the paper, the firm didn't detail when the extension it mentioned happened. Macy’s asked a judge to keep the details of its lawsuit sealed for competitive reasons, the Post said.
JCPenney declined to comment, the Post said. Martha Stewart Living Omnimedia said that the retailer’s minority investment in it has closed, and their business partnership “remains in effect.”
“This is a testament to the strength of the Martha Stewart brand among consumers as being synonymous with quality, beauty, great design and affordability,” the company said.