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New York -- Macy’s and Martha Stewart Living Omnimedia have reached a confidential settlement in their ongoing legal dispute over whether Martha Stewart breached a contract by selling certain goods at J.C. Penney Co.
Martha Stewart and Macy’s both said the terms of the settlement aren’t material to their businesses. In a separate statement, Macy's said that the settlement did not affect its outstanding claim against Penney.
Macy’s initially filed a breach of contract suit against Martha Stewart living in January 2012, claiming Martha Stewart was not allowed to sell branded items at J.C. Penney.
In October 2013, J.C, Penney said it would sell a smaller selection of Martha Stewart Living products, like window treatments, rugs and party supplies, categories that are not in contest by Macy's. Also, Martha Stewart Living will receive fees, royalties and the 11 million shares of its stock that Penney now holds, and Penney also will no longer have representation on the Martha Stewart Living board. In addition, J.C. Penney will terminate its partnership with Martha Stewart in 2017 instead of 2021.
In its statement, , Macy’s said the agreement with Martha Stewart does not affect its claim against J.C, Penney.
"Macy's has resolved its breach-of-contract lawsuit against Martha Stewart Living Omnimedia,” said the statement. “We are pleased to be able to put this matter behind us. The terms of our settlement are confidential, will not be disclosed, and are not deemed to be material to Macy's. 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. This settlement does not affect Macy's outstanding claim against J.C. Penney, which remains subject to the court's decision."