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Penney Sued For Allegedly Breaking Contract With 'Square' Designer

By Karen Talley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- J.C. Penney Co. (JCP) is being sued by a lighting design firm that alleges the retailer reneged on an agreement to build the new lighted-square frames that grace the retailer's entrances. Hudson & Broad of New York alleges that Penney contracted the firm to design and make the squares but, after only a limited amount were manufactured, Penney told Hudson & Broad it no longer needed its services. The suit, which was filed Wednesday, alleges breach of contract and misappropriation of trade secrets. It was filed in U.S. District Court for the Southern District of New York and seeks $40 million in compensatory and punitive damages. A J.C. Penney spokeswoman didn't immediately respond to a request for comment. "I clarified several times with Penney that what we were doing was proprietary," said James Maharg, president of Hudson & Broad. The squares are part of the cosmetic changes being made by Penney, which envisions multiple stores-within-stores at its locations, a mock town square in the center and generally improved looks at the locations. The illuminated squares, among other measures, are meant to represent its new strategy of offering "fair and square" deals. The changes, which also include no longer offering coupons and very little discounting, are coming under former Apple Inc. (APPL) retail chief Ron Johnson, who became chief executive in November. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

Stock News for Jc Penney (JCP)
DateTimeHeadline
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04/21/201518:29:023 Reasons JC Penney Company Inc Stock Could Fall
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04/16/201517:29:03Statement of Changes in Beneficial Ownership (4)
04/16/201516:28:59JCPenney Named One of America's Best Employers for 2015
04/15/201502:26:04Penney Sees Same-Store Sales Up 3.5%-4.5% in 1Q
04/14/201508:54:19Current Report Filing (8-k)
04/13/201517:27:25Statement of Changes in Beneficial Ownership (4)
04/13/201500:42:18If You Absolutely Must Own Retail, Look For Debt-Free Dividend...
04/08/201523:11:43J.C. Penney: Sentiment Nearing Overly Optimistic Area Again
04/08/201514:06:023 Promising Retail Stocks Trading Under $10
04/06/201519:00:03Spoiler Alert: Apple Watch Won't Save the Mall
04/06/201511:27:00JCPenney Earns Good Housekeeping Seal For Over 75 Home Products
04/05/201515:00:022 Retail Stocks Wall Street is All Wrong About
04/03/201507:23:08What's With All The J.C. Penney Upgrades?
04/02/201503:44:38Stick Around, J.C. Penney Isn't Going Out Of Business

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