News

Macy’s Lundgren to be deposed in Martha Stewart suit

BY Katherine Boccaccio

New York — A Thursday report by Bloomberg said that Macy’s CEO Terry Lundgren is slated to give his deposition next month over a contract dispute with Martha Stewart Living Omnimedia Inc.

Citing documents filed Thursday in New York state court, Bloomberg said that Lundgren is scheduled for a half-day of questioning on July 3 in advance of a July 13 hearing on his company’s request for a preliminary injunction.

In January, Macy’s sued Martha Stewart Living to prevent a partnership with J.C. Penney Co. to sell Martha Stewart-branded products. According to Macy’s, it has the exclusive right to sell Martha Stewart Living products in certain categories.

J.C. Penney acquired 17% of Martha Stewart Living for $38.5 million.

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FINANCE

Edible Arrangements announces private-equity investment; poised for growth

BY Katherine Boccaccio

Wallingford, Conn. — Edible Arrangements announced on Friday a strategic partnership with private equity firm Catterton Partners, which includes a capital investment toward expanding the Edible Arrangements brand globally.

Terms of the transaction were not disclosed.

In addition, Edible Arrangements founder and CEO Tariq Farid said that Catterton Partners brings significant resources in areas from strategy to customer relations to supply chain management, which will accelerate the company’s ability to reach new levels of growth.

"Our ability to leverage the deep background and extensive resources of Catterton will enable us to grow the Edible Arrangements brand and build upon the great success that our franchise partners and talented employees have allowed us to achieve already. This literally will take us to the next level in terms of business development,” said Farid.

Edible Arrangements currently has more than 1,100 franchise locations open or under development worldwide. In 2011, the company opened 86 new stores, including 10 locations internationally, and said it expects to open more than 100 new domestic and international units in 2012.

Catterton’s current retail investments include: Restoration Hardware, Outback Steakhouse, Cheddar’s, Noodles & Co., and Mid-Atlantic Convenience Stores.

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REAL ESTATE

Largest Sears Canada Home store to open in Ottawa

BY Staff Writer

Ottawa, Ontario — Sears Canada has opened its largest Sears Home store at Pinecrest Shopping Center. The store will occupy 78,0000 sq. ft. and feature an expanded selection of furniture as well as the largest major appliance and mattress inventory of any Sears location.

"The opening of the Sears Home store at Pinecrest is another in a series of transformational milestones for Sears Canada," said Calvin McDonald, president and CEO, Sears Canada.

Sears Canada operates 196 corporate stores, 278 hometown dealer stores, 29 home services showrooms, over 1,500 catalog and online merchandise pick-up locations, 105 Sears Travel offices and a nationwide home maintenance, repair, and installation network.

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