J.C. Penney, Macy’s Head Back to Court

Retail

Published: April 8, 2013 7:25 am

Last Updated: April 28, 2020 12:11 am

Source: courtesy J.C. Penney Co. Inc.

Retailers J.C. Penney Co. Inc. (NYSE: JCP) and Macy’s Inc. (NYSE: M) are expected to resume their courtroom battle today following a month-long, court-ordered mediation period that apparently failed to produce a result.

Macy’s filed suit against J.C. Penney following the latter’s announcement in December that it had signed a deal with Martha Stewart Living Omnimedia Inc. (NYSE: MSO) to include a Martha Stewart-branded shop inside J.C. Penney stores. Macy’s, which already had what it believes to be an exclusive deal with Martha Stewart, lost no time in getting into court.

J.C. Penney agreed to hold off on its plans to sell certain Stewart-branded items like bedding and cookware, at least until today.

The trial has been in recess for a month, and a Macy’s spokesman told Reuters that the trial would reconvene today.

J.C. Penney opened its new in-store boutique shops in about 500 stores last week.

J.C. Penney’s stock rose as much as near 6% on Friday, before closing up about 2.5% to $15.45, in a 52-week range of $14.10 to $36.89.

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