Home diva Martha Stewart testified in court on Tuesday that she did nothing wrong when she signed an agreement to open up shops within most of JCPenney’s stores across the country.
Eight years after Martha Stewart was released from prison for lying about a stock trade, the 71-year-old home diva is on the witness stand, in the middle of a bitter legal battle between Plano-based J.C. Penney Co. and Macy’s Inc.
J.C. Penney, which is struggling with big losses and steep sales declines, could face another challenge: empty shelves.
Macy’s CEO Terry Lundgren testified on Monday that he hung up on home diva Martha Stewart after she called to inform him back in December 2011 that her company had signed a deal with J.C. Penney to open shops at most of the chain’s stores.
Let the pots and pans fly. Two of the nation’s biggest department stores — J.C. Penney Co. and Macy’s Inc. — are expected to duke it out in court over the right to sell Martha Stewart merchandise.
Bad weather nationally is one of the reasons given for a kind of lackluster Christmas shopping season, and now retailers hope for a last-minute holiday spending spree to meet sales expectations.
J.C. Penney Co. executives may be confident in the department-store chain’s everyday pricing strategy, but investors are panicking. The Plano-based company’s stock fell nearly 11 percent on Monday.
J.C. Penney Co. reported a bigger-than-expected loss in the third quarter on plummeting sales as customers continue to reject its move get rid of blockbuster sales in favor of everyday low pricing.
J.C. Penney & Co.’s stock is one of the market’s biggest decliners Thursday after the department store chain said that it expects its financial struggles to continue during the second half of the year.
J.C. Penney Co. says Michael Francis, the former Target Corp. executive brought in to redefine the brand, is leaving the company.
J.C. Penney is reporting a bigger-than-expected loss and plummeting profits in the first quarter as many of its customers are rejecting a new bold pricing strategy that puts an end to rampant discounting in favor of everyday low prices.
J.C. Penney Co. says Chief Financial Officer Michael Dastugue will leave the company Friday in the wake of a broader shakeup of the department store operator’s business.