More on Macy's, Martha and JCPenney
HTT Staff -- Home Textiles Today, 4/12/2013 1:17:06 PM
New York - The week began with a bang on the JCPenney front and is closing out with one as well.
Bloomberg this morning reported that the judge in the Macy's lawsuit that seeks to prevent JCPenney from selling Martha Stewart branded bedding, bath and kitchen merchandise has dismissed Macy's unfair influence complaint against JCP.
However, Macy's claim of tortious interference against Penney remains. The judge has not yet ruled on - or altered - the injunction that keeps JCP from selling some $100 million in Stewart-designed merchandise under a generic label said to be warehoused at the moment.
In an interview with CNBC this morning, Macy's ceo Terry Lundgren showed an inclination to keep fighting.
"If we lose, we'll appeal - because we're right. We are in the right. I'm confident about that," said Lundgren.
About half of Macy's stores are co-located in the same malls as JCPenney, he said. They are doing slightly better than stores not competing head-to-head with JCP units, indicating Macy's might be taking some share. He added: "I didn't pick up the $4.3 billion; I didn't get it all" - a reference to the total revenue JCP lost in the last fiscal year.
In another bombshell, the Wall Street Journal yesterday evening reported JCP has retained the Blackstone Group to help raise about $1 billion in cash, possibly by selling a minority stake in the company.
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