Martha Stewart deal with JC Penney unclear after ruling
Home Textiles Today Staff -- Home Accents Today, 7/17/2012 9:31:34 AM
NEW YORK - On Friday, July 13, 2012, a New York State Supreme Court judge issued a temporary injunction against the merchandising deal that would create Martha Stewart anchor shops in JCPenney home departments next year, siding with Macy's, which argued its exclusive deal for Stewart home products runs to January 2018.
A spokeswoman for Martha Stewart Living Omnimedia told the Associated Press yesterday that the deal with JCP will move forward, adding the parties will comply with whatever restrictions the court imposes on the product categories.
Bloomberg reported Friday that the categories at issue in the Macy's lawsuit included bedding, bath, kitchen textiles, dinnerware and cookware.
Prior to the ruling, MSLO last week notified the Securities and Exchange commission that it had amended its agreement with JCP to include additional product categories in Martha shops as well as identify a number of product categories that would be considered non-exclusive. The document did not provide specifics and it was unclear if the new terms were struck in anticipation of an unfavorable ruling.
JCPenney has not issued a public statement about the ruling.
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- Aug 1, 2012