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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
08/26/201603:03:00Cotton Supplier Faced Wal-Mart Scrutiny Before -- WSJ
08/25/201617:58:00Unclear How Investigation Turned Out; No Comment from Wal-Mart
08/25/201614:02:26Statement of Changes in Beneficial Ownership (4)
08/25/201608:50:00Indian Firm Admits 'Error' After Target Cuts Ties Over Cotton...
08/24/201617:10:00More U.S. Retailers Probe Indian Supplier of 'Egyptian Cotton'
08/24/201617:03:00More U.S. Retailers Probe Indian Supplier of 'Egyptian Cotton'
08/24/201616:55:00Bed Bath & Beyond to Audit Egyptian Cotton Supplier -- Update
08/23/201604:30:00Wal-Mart Probes Whether India Company Misrepresented Cotton Sheets
08/22/201609:10:00Target Cuts Ties With India Textile Company
08/17/201618:20:00J.C. Penney to Raise Bet on Private Brands
08/17/201616:15:33JCPENNEY ANNOUNCES STRATEGIC PLANS FOR PROFITABLE GROWTH BEYOND...
08/12/201612:01:00J.C. Penney Reports Narrower Loss, Sales Growth -- 3rd Update
08/12/201611:29:00J.C. Penney Reports Another Loss, Weak Sales Growth -- 2nd Update
08/12/201609:14:00J.C. Penney Reports Another Loss, Weak Sales Growth--Update
08/12/201608:50:00Penney Reports Another Loss, Weak Sales Growth
08/12/201608:28:00J.C. Penney Reports Another Loss, Underwhelming Sales
08/12/201607:45:10Current Report Filing (8-k)
08/12/201607:30:07JCPENNEY REPORTS A 2.2 PERCENT INCREASE IN COMPARABLE SALES FOR...
08/12/201603:03:00Macy's Will Close 100 Additional Stores -- WSJ
08/11/201618:56:00Macy's Fix for Department Store Woes: Fewer Stores--Update

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