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Judge orders Macy’s, Penney, Martha Stewart into mediation
New York -- After nearly three weeks of testimony, a New York State Supreme Court Judge ordered Macy's, J.C. Penney Co. and Martha Stewart Living Omnimedia into mediation to try and reach a settlement in their contract dispute trial.
If the three companies do not reach an agreement before April 8, the judge will resume hearing the case.
In another development in the ongoing dispute, Penney agreed not to sell certain Martha Stewart-designed goods (products deemed exclusive to Macy’s) until at least April 8.
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Sycamore Partners to acquire Hot Topic
CITY OF INDUSTRY, Calif. — Sycamore Partners has agreed to acquire teen retailer Hot Topic for approximately $600 million, or 14 cents per share in cash. The agreement, which has been unanimously approved by Hot Topic’s board of directors, represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6.