On Monday, JC Penney Co Inc and Martha Stewart Living Omnimedia announced that it had revised its partnership agreement to consider Macy's Inc claim on home goods products. The companies added in its joint statement that the new agreement would have JC Penney leaving out some of Stewart's home products that were said to have been designed exclusively for Macy's. Moreover, the new agreement would have Stewart designing its branded products exclusively for JC Penney. The agreement would be covering products in holiday, window treatment and other categories that Macy's had not claimed. Penney had also turned over its 17% ownership stake back to Stewart.
Macy's had sued Penney and the company of the famous domestic living celebrity after the latter had announced its partnership back in December 2011. Macy's reasoned out that the agreement would include Martha Stewart-branded cookware, bedding and bath products, to which the former had exclusive rights.
The first day of trading this week saw Penney's stock plunging to a 30-day low of USD6.27. Its stock closed at a share price of USD6.42 on the New York Stock Exchange.
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