ADVFN - Advanced Financial Network.
HOME» NYSE » M » M Stock Price » M Stock News

Macys Share News

 Macys Stock Price
M Stock Price
 Macys Stock Chart
M Stock Chart
 Macys Stock News
M Stock News
 Macys Company Information
M Company Information
 Macys Stock Trades
M Stock Trades

Martha Stewart Living Fires Back At Macy's Over Penney Deal

By Karen Talley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Macy's Inc. (M) has no exclusive right to sell Martha Stewart Living Omnimedia Inc. (MSO) merchandise, the domestic doyenne's company said in a legal filing Friday. The filing is Martha Stewart Living's response to Macy's seeking to prevent Martha Stewart products from being sold at J.C. Penney Co. (JCP) starting next year. While Martha Stewart Living-designed goods are sold in approximately 600 Macy's stores, they are also available in over 6,000 retail outlets, including Home Depot Inc. (HD) and other large chain distributors, the filing said. "Macy's simply has no exclusive right to Martha Stewart Living's creativity or design concepts, now or in the future," the filing said. Martha Stewart Living is also allowed to sell its products in stores-within-stores, which is what J.C. Penney will set up, the filing said. Additionally, the filing stated, Macy's had no right to renew its contract with Martha Stewart Living beyond January 2013 because it breached its agreement for reasons that include failing to maximize the sale of the products. Macy's, in tandem with filing its complaint seeking a preliminary injunction last week, said it was renewing its contract with Martha Stewart Living until 2018. Martha Stewart Living also claimed that Macy's minimized its products, using them as a way to draw attention to the Macy's home furnishings departments, then promoting its own products that royalties are not paid on. As a result, there is no basis for a permanent or preliminary injunction, the filing stated. In seeking a temporary injunction, Macy's said it has already been damaged by J.C. Penney's selling agreement with Martha Stewart Living and that billions of dollars are at stake if Penney is allowed to sell Martha Stewart-branded merchandise in its stores. Martha Stewart Living "has breached and plans to continue breaching" an exclusive agreement with Macy's in which "billions of dollars of sales are involved," Macy's said in the breach-of-contract suit filed in New York State Supreme Court. Representatives of Martha Stewart Living, Macy's and J.C. Penney declined to comment. The battle lines were drawn in December, when Martha Stewart Living sold 16.6% of the company to J.C. Penney and Penney said it also signed a 10-year contract in which it would create stores-within-stores to sell Martha Stewart Living wares. The sales agreement is to kick in a year from now, which is just when Martha Stewart Living's five-year contract with Macy's was to expire. Macy's has since extended the agreement under a "unilateral right" and, as a result, said its contract with Stewart doesn't expire until 2018. In the lawsuit, Macy's said it has been "irreparably harmed" because Martha Stewart Living is now using the knowledge it gained by selling through Macy's to develop a new marketing plan with Penney. The agreement with Penney has also "devalued" the Martha Stewart products that Macy's is now selling "in ways that are not calculable" because, until now, it was thought that Macy's would be the only place to get certain Martha Stewart products, the suit said. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

Stock News for Macys (M)
DateTimeHeadline
04/15/201422:17:16Madelaine Chocolate Co. Seeks Cash to Stay in Rockaways
03/31/201419:02:35Macy's Promotes Merchandising Chief To President -- Update
03/11/201416:52:50MARKET SNAPSHOT: U.S. Stocks Fall; Energy Stocks Sell Off
03/11/201412:38:22MARKET SNAPSHOT: U.S. Stocks Edge Lower In Choppy Trading
03/11/201411:03:18MARKET SNAPSHOT: U.S. Stocks Edge Up; S&P 500 Tops Closing High
03/11/201411:00:09MARKET SNAPSHOT: U.S. Stocks Wobble; S&P 500 Tops Closing High
03/11/201410:46:21MARKET SNAPSHOT: U.S. Stocks Wobble; Urban Outfitters Slumps...
02/25/201417:05:14MARKET SNAPSHOT: U.S. Stocks Slip After Weak Economic Reports
02/25/201416:48:02MARKET SNAPSHOT: U.S. Stocks Edge Higher; S&P 500 Eyes New Highs
02/25/201411:31:12MARKET SNAPSHOT: U.S. Stocks Pare Losses, Aiming For New Highs
02/25/201410:53:24Conf Board: February U.S. Consumer Confidence Falls to 78.1...
02/25/201410:50:34MARKET SNAPSHOT: U.S. Stocks Drift Lower After Confidence Data
02/24/201405:47:09MARKET SNAPSHOT: U.S. Stock Market Is Starting To Ride A Tech...
02/21/201415:45:13Target, Macy's Among Retailers Reporting Results -- Week Ahead
02/06/201412:18:42Planned U.S. Job Cuts Jump
02/06/201412:15:12Planned U.S. Job Cuts Jump on Retail Layoffs -- Challenger
01/22/201417:27:30EBay Says Icahn Calls for PayPal Spinoff; Earnings Rise 13...
01/21/201408:40:09Eminence Capital Nominates 2 to Jos. A. Bank Board
01/21/201408:19:19Eminence Capital Nominates Two to Jos. A. Bank Board
01/15/201417:40:35J.C. Penney to Close 33 Stores, Cut 2,000 Jobs

Macys and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad