Judge won’t dismiss Macy’s claim against Martha Stewart
New York — New York State Supreme Court Justice Jeffrey Oing on Thursday refused to dismiss Macy’s Inc’s claim that Martha Stewart Living Omnimedia violated its contract when it designed certain merchandise for J.C. Penney Co., regardless of whether the items carry the Martha Stewart brand.
The ruling may impact whether Penney can sell Martha Stewart-designed home goods under a "JCP Everyday" label. The judge is expected to rule Friday on whether to temporarily block Penney from selling Martha Stewart-designed goods that Penney manufactured in that "Everyday" packaging, Reuters reported.
The judge once again stressed that he would rather the parties settle, rather than have him decide. The companies spent several weeks in mediation, but were unable to reach an agreement.
"This is a business deal that you should not have courts getting involved in," Oing said. "It’s getting to a point where the clock can’t be turned back. The ship is ready to sail."
In related news, the New York Post reported that Myron Ullman, Penney’s new CEO, is seeking a truce in the case. According to the report, Ullman’s first phone call as CEO was to Macy’s CEO Terry Lundgren.
Report: Three more execs leave J.C. Penney, including COO
New York — Three executives who had previously worked with Ron Johnson at Apple and then joined him at J.C. Penney have left the embattled department store chain in the wake of Johnson’s ouster, the New York Post reported.
According to the report, Mike Kramer, COO, Daniel Walker, chief talent officer, and Mike Fishe, chief creative officer, left Penney on Wednesday. The newspaper said Kramer resigned, but that it was not clear whether Walker and Fisher left voluntarily.
Report: Ackman sticking with J.C. Penney
New York — A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.
"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we’re going the other direction. We’re digging in."
Ackman helped to recruit Johnson to Penney, and had been his most vocal supporter throughout the past year. However, last Friday, he turned more critical of the CEO.