Boston, MA 01\/03\/2014 (wallstreetpr) –\u00a0J.C. Penney Company, Inc. (NYSE:JCP)<\/b> has been left out of the latest settlement over product exclusivity contract in which Macy’s, Inc. (NYSE:M)<\/b> sued the retailer alongside Martha Stewart Living Omnimedia, Inc. (NYSE:MSO)<\/b>.<\/p>\n
This week, Macy’s, Inc. (NYSE:M) and Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) announced a settlement to their dispute but refused to disclose further details. However, it was clear from the announcement that Macy’s, Inc. (NYSE:M) would still push on with its case against troubled department store J.C. Penney Company, Inc. (NYSE:JCP).<\/p>\n
The issue<\/b><\/p>\n
In 2011, J.C. Penney Company, Inc. (NYSE:JCP) and Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) were sued by Macy’s, Inc. (NYSE:M) over violation of a merchandize exclusivity contract. Macy’s, Inc. (NYSE:M) has entered into an exclusive merchandizing agreement with Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) which started in 2006.<\/p>\n
The agreement barred Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) from the items covered under the exclusive offering to other retailers. But in December 2011, Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) breached this contract and started offering the bound items in J.C. Penney Company, Inc. (NYSE:JCP) stores, prompting Macy’s, Inc. (NYSE:M) to sue both companies.<\/p>\n
However, J.C. Penney Company, Inc. (NYSE:JCP) has since stopped the selling of the controversial items. But apparently, Macy’s, Inc. (NYSE:M) still thinks that it has some issues to settle with the century-old retailer which is why the latest settlement excludes J.C. Penney Company, Inc. (NYSE:JCP).<\/p>\n
Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) offers a broad range of home and bath items. Its deal with J.C. Penney Company, Inc. (NYSE:JCP) involved the company gaining floor space in the latter\u2019s store and the latter taking a stake in the former\u2019s stock. So far many of those agreements have been reversed.<\/p>\n
Struggle<\/b><\/p>\n
J.C. Penney Company, Inc. (NYSE:JCP) is struggling to turnaround its performance after a very long time of poor business. It needs to get past a lot of lawsuits and distractive matters to allow full focus on turnaround.<\/p>\n
The company is presently using its more than $3 billion capital injection to boost performance. J.C. Penney Company, Inc. (NYSE:JCP) is also running heavy discount products to entice more shoppers to its stores. A lot has been achieved since turnaround became the main agenda after the ouster of former CEO Ron Johnson April 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 01\/03\/2014 (wallstreetpr) –\u00a0J.C. Penney Company, Inc. (NYSE:JCP) has been left out of the latest settlement over product exclusivity contract in which Macy’s, Inc. […]<\/p>\n","protected":false},"author":15,"featured_media":6529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[1753,2127,2815,685,687,2816],"stock_ticker":[],"class_list":["post-13369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-j-c-penney-company-inc-nysejcp","tag-macys-inc-nysem","tag-martha-stewart-living-omnimedia-inc-nysemso","tag-nysejcp","tag-nysem","tag-nysemso","entry"],"acf":[],"yoast_head":"\n