UPDATE: Macy's (M) Says JCPenney (JCP) Sold Martha Stewart (MSO) Goods in 'Exclusive Categories'
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(Updated - April 8, 2013 12:33 PM EDT)
JCPenney (NYSE: JCP) and Macy's (NYSE: M) are trading higher today as the duo go back to court over Martha Stewart Omnimedia (NYSE: MSO) agreements.
According to an earlier report, Macy's said that JCPenney sold Martha Stewart goods in "exclusive categories." Specifically, Macy's lawyer Ted Grossman told New York State Supreme Court Justice Jeffrey K. Oing today the JCPenney was selling some products on its website which were in categories exclusive to Macy's under "Martha Stewart Celebrations." Items include such household goods as pitchers, wine glasses, and champagne flutes, Grossman noted, with the same basic design being sold by both companies.
Martha Stewart lawyer Eric Seiler commented that the items were plastic and not in violation a preliminary injunction implemented by Oling last year.
JCPenney attorney Mark Epstein said his company believes the items are allowed to be sold under the injunction, but will stop selling them if deemed otherwise.
Trial between the retail giants began February 20th, but Oing ordered the two sides to mediation on March 7th. Unable to reach an agreement, Monday is the first time the two sides have gone back to court since then.
JCPenney has pared some earlier gains, now up just 1.6 percent Monday. Macy's is up about 1 percent.
JCPenney (NYSE: JCP) and Macy's (NYSE: M) are trading higher today as the duo go back to court over Martha Stewart Omnimedia (NYSE: MSO) agreements.
According to an earlier report, Macy's said that JCPenney sold Martha Stewart goods in "exclusive categories." Specifically, Macy's lawyer Ted Grossman told New York State Supreme Court Justice Jeffrey K. Oing today the JCPenney was selling some products on its website which were in categories exclusive to Macy's under "Martha Stewart Celebrations." Items include such household goods as pitchers, wine glasses, and champagne flutes, Grossman noted, with the same basic design being sold by both companies.
Martha Stewart lawyer Eric Seiler commented that the items were plastic and not in violation a preliminary injunction implemented by Oling last year.
JCPenney attorney Mark Epstein said his company believes the items are allowed to be sold under the injunction, but will stop selling them if deemed otherwise.
Trial between the retail giants began February 20th, but Oing ordered the two sides to mediation on March 7th. Unable to reach an agreement, Monday is the first time the two sides have gone back to court since then.
JCPenney has pared some earlier gains, now up just 1.6 percent Monday. Macy's is up about 1 percent.
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