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.
Eight years after Martha Stewart was released from prison for lying about a stock trade, the home diva is now facing another legal mess that may not be easy to clean up.
J.C. Penney, which also is struggling with big losses and steep sales declines, could face another challenge: empty shelves. A judge told Penney’s attorneys that the chain took a risk by ordering mercandise from the company Martha Stewart founded.
It’s been a tough week to be Ron Johnson. After facing down investors this week over a dismal quarterly performance, the JCPenney CEO will be in the spotlight again — in court.
Shares of JCPenney plunged a day after the department store chain reported massive losses and a nearly 30 percent drop in revenue in its fiscal fourth-quarter period.
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.
JCPenney has asked a federal court to rule on whether a style of weather-resistant boots that it recently started selling can continue to be called “Aspen.”
JCPenney has amended its bank credit facility to increase its borrowing capacity as it looks to finance its multiyear transformation.
The department store is rolling out some of the hundreds of sales it ditched last year in hopes of luring back shoppers who were turned off when the discounts disappeared.
It is difficult for some people — including top-ranking executives — to find work in this economy. But an organization is helping put those former CEOs back to work.