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JC Penney, Martha Stewart scale back partnership

Monday, 21 Oct 2013 | 4:30 PM ET
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As a court ruling looms, J.C. Penney is scaling back its partnership with Martha Stewart.

The department store chain will no longer be selling certain home and bath products designed by Martha Stewart Living Omnimedia Inc., two companies said Monday. Penney will sell a smaller batch of Martha Stewart products, like window treatments and party supplies.

It also will be selling the media and merchandising company back 11 million shares.

Penney and Martha Stewart signed a merchandising deal, including the stock investment, in December 2011. That prompted Macy's Inc. to sue both companies for violating its exclusive agreement with Martha Stewart.

A judge has been expected to rule in a court battle between Penney and Macy's over whether Macy's has an exclusive right to sell some of her products.

Buffett on JC Penney's future
Warren Buffett, Berkshire Hathaway chairman & CEO, discusses the multiple connections Berkshire Hathaway has with JC Penney and the retailer's efforts to turnaround the company.


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