J.C. Penney doesn’t expect impact from Macy’s suit
Plano, Texas – In a March 21 regulatory filing, J.C. Penney Co. Inc. said it does not expect the result of a lawsuit filed by Macy’s Inc. alleging that Penney was selling Martha Stewart Living products in violation of an exclusivity agreement to have a significant negative impact on its results.
"While no assurance can be given as to the ultimate outcome of this matter, we currently believe that the final resolution of this action will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources," Penney said in the filing.
Macy’s initially filed the lawsuit in December 2011, and settled a related lawsuit with Martha Stewart Living in January 2014.
In January, reports indicated that Macy’s and Penney were unable to settle the suit on their own, meaning a judge would probably have to make a ruling. In October 2013, Penney said it would sell a smaller selection of Martha Stewart Living products, like window treatments, rugs and party supplies, categories that are not in contest by Macy’s.
Also, Martha Stewart Living will receive fees, royalties and the 11 million shares of its stock that Penney now holds, and Penney also will no longer have representation on the Martha Stewart Living board. In addition, Penney will terminate its partnership with Martha Stewart in 2017 instead of 2021.
RadioShack opens Manhattan concept store
Fort Worth, Texas — RadioShack has opened its latest Manhattan concept store. The newly remodeled store is one of more than a dozen concept stores to open in Manhattan since RadioShack debuted the company’s first concept store in July 2013.
This store has been a part of Manhattan since it opened its original location more than 19 years ago. All concept stores in the company’s portfolio feature an upgraded shopping experience, which showcases the company’s new look. Interactive areas throughout the store encourage shoppers to discover personalized solutions, connect with sales associates and realize the unlimited potential of technology.
RadioShack is opening a select number of these highly experiential stores in neighborhoods throughout the nation. This Manhattan location is one of more than 25 concept stores to open since the company began converting to such stores in July 2013.
"Manhattan is a strong market for RadioShack and we are excited to be bringing the best RadioShack stores to the area,” CEO Joe Magnacca said. “New Yorkers have been incredibly receptive to the interactive features of our new stores and the convenience of our neighborhood locations. I’ve spent a lot of time in these stores and I’m proud of the transformation."
WinCo opens second Bakersfield, Calif., store March 27
Boise, Idaho – WinCo Foods LLC will open its newest discount supermarket on March 27. The 88,000-sq.-ft. store is the company’s second in Bakersfield and reflects WinCo’s newer décor package creating a solid, clean feel, which highlights the product, including the hundreds of new WinCo Foods private label items the company has recently introduced.
The Bakersfield store will initially employ approximately 168 individuals, 129 of whom are new hires from the community. The store features WinCo’s traditional "Wall of Values" at the entry, which has discount pricing on a wide variety of popular items. The main sales floor of the store features a large fresh produce department, bulk foods, meat, deli, seafood, and bakery service departments. The bulk foods department displays more than 900 items, including many natural food products, some organics, snacks, candies, cereals, flours, pastas, spices and more.