NEW YORK - Macy’s and Martha Stewart Living Omnimedia say they have settled a breach-of-contract lawsuit involving J.C. Penney.
But Macy’s said the settlement does not affect its lawsuit against Plano, Texas-based J.C. Penney Co., which is still ongoing.
Macy’s Inc. and Martha Stewart Living Omnimedia Inc. said Thursday that their settlement terms are confidential and not material to their businesses. Both companies said that they look forward to “a continued, successful partnership.”
Macy’s has had an exclusive merchandising contract with Martha Stewart since 2006, including items such as bedding and bath products.
Stewart’s company and Penney signed a merchandising deal in December 2011 to develop mini Martha Stewart shops. That prompted Macy’s to sue both companies.
Martha Stewart Living Omnimedia and J.C. Penney already have scaled back their partnership. In October, the department-store chain said it would continue to sell a smaller batch of Martha Stewart items,including window treatments, rugs and party supplies.
Martha Stewart is looking to increase merchandising sales as it continues to grapple with a weak publishing business fueled by sluggish advertising sales.
In October, it said its quarterly net loss narrowed, though revenue fell 22 percent to $33.8 million.
Macy’s, meanwhile, has been seeing strong sales. In November, it said quarterly net income rose 22 percent will revenue rose 3 percent to $6.28 billion.
J.C. Penney spokesman Daphne Avila said the company had no comment on the Macy’s settlement with Martha Stewart Living Omnimedia.
Information for this article was contributed by The Associated Press and by Duane D. Stanford of Bloomberg News.
Business, Pages 28 on 01/03/2014