Macy’s and Martha Stewart Living Omnimedia have settled their lawsuit involving J.C. Penney. Macy’s also stated the settlement does not impact their lawsuit against J.C. Penney, which is still in affect.
Macy’s and Martha Stewart Living Omnimedia said on Thursday, “our settlement terms are confidential and not material to their businesses. Both companies said that they look forward to a continued, successful partnership together.”
J.C. Penney and Stewart’s company signed a merchandising deal in December 2011 to develop mini Martha Stewart shops. That was a red flag for Macy’s to sue both companies for violating its exclusive agreement with Martha Stewart.
In October J.C. Penney store chain said they would no longer sell a broad range of home and bath products designed by Martha Stewart Living Omnimedia, however would continue to sell a smaller group of Martha Stewart items such as window treatments, rugs and party supplies.
Martha Stewart is looking to increase merchandising sales. In October Martha Stewart quarterly net loss narrowed, though revenue fell 22 percent to $33.8 million due to weakness in its broadcasting and publishing divisions.
Meanwhile, Macy’s have been seeing strong sales. In November its quarterly net income rose 22 percent and revenue rose 3 percent to $6.28 billion.
Daphne Avila, J.C. Penney spokeswoman said they have no comment about the Macy’s settlement with Martha Stewart Living Omnimedia.