Macy's (NYSE:M) and Martha Stewart Living Omnimedia have reached a settlement agreement related to a merchandising partnership and lawsuit involving rival department-store J.C. Penney (NYSE: JCP). The terms of the settlement are confidential and were not disclosed.
"Macy's has resolved its breach-of-contract lawsuit against Martha Stewart Living Omnimedia. We are pleased to be able to put this matter behind us. We can now return our focus to what we do best -- bringing beautifully designed, high quality, affordable products to consumers nationwide. We look forward to a continued, successful partnership together," said the department-store retailer in a statement Thursday.
Macy's sued Martha Stewart Living Omnimedia and J.C. Penney in 2012, claiming that the housewares company violated an exclusive merchandising agreement by inking a similar deal with J.C. Penney to create decor items, bedding and other Martha Stewart products. As a result, J.C. Penney scaled back its partnership with Stewart in October 2013. Macy's said that the settlement with Martha Stewart does not affect its separate claim against J.C. Penney, which is still pending.
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