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You are here: Home / Macys (M) Seeks Enforcement of Exclusivity Rights
Macys (M) Seeks Enforcement of Exclusivity Rights
January 24, 2012
New York, January 24 (FinanceEnquiry.com) - Macy’s Inc (NYSE: M) has filed a complaint in the New York State Supreme Court in Manhattan against Martha Stewart Living Omnimedia Inc (NYSE: MSO) in order to block a deal between the housewares company and J.C. Penney Co. Martha Stewart Living has been accused of violating the terms of an
exclusive agreement, as per which Macy's has to sell Martha Stewart Living products at its
stores, through it's deal with J.C. Penney Co.
Macy’s renewed its 2006 agreement with Martha Stewart for five years. It now expires in January 2018. In its lawsuit, Macy’s has sought the enforcement of the agreement that clearly outlines Macy’s right to sell products exclusively in these categories.
A spokesman for the retailer said that the company is moving ahead for supporting the exclusive Martha Stewart-branded products and will continue to expand its offerings on the basis of localized customer preferences. On the other hand, a spokeswoman for Martha Stewart Living refused to comment on legal matters.
The CEO of J.C. Penney Co. said that their partnership with Martha Stewart Living Omnimedia Inc. would be transformational for the department store chain. J.C. Penney has agreed to take a 17 percent stake in the Martha Stewart-brand for $38.5 million, or $3.50 a share. It is also planning to rejuvenate its sales by opening new mini stores that would be entirely dedicated to the Martha Stewart Living brand.
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