Macy’s And Martha Stewart Living Reach Settlement
NEW YORK (AP) — Macy's and Martha Stewart Living Omnimedia have reached a settlement agreement related to a breach-of-contract lawsuit involving J.C. Penney.
Macy's Inc. and Martha Stewart Living Omnimedia Inc. each said Thursday that the settlement terms are confidential and not material to their businesses. Both companies said that they look forward to "a continued, successful partnership together."
Macy's said the settlement does not impact its ongoing lawsuit with J.C. Penney Co. Inc.
Stewart's company and Penney signed a merchandising deal in December 2011. That prompted Macy's to sue both companies for violating its exclusive agreement with Martha Stewart. In October Penney scaled back its partnership with Stewart.
Shares of Macy's and Penney fell slightly in premarket trading.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.