(Image source: GossipExposed.com)
BY DAVID EARL
ANCHOR NATHAN BYRNE
It looks like the magic of Macy’s no longer extends to the queen of housewives. The department store giant is suing Martha Stewart for flirting with discount rival JCPenney. Fox Business has the details...
“The move follows a decision by Martha Stewart Living to sell certain products to JCPenney....Macy’s claims Martha Stewart granted it the exclusive right to make and sell certain products.”
But … wait a minute. I thought you had to go to Macy’s to get your Martha pots and pans...remember this?
“Let’s go look at my cookware...maybe you’ll get an idea for a hat. I love hats. The new Martha Stewart Collection...only at Macy’s.”
The Wall Street Journal seemed confused too....especially because Penney’s is paying a pretty penny for its stake in Martha’s company...a whopping $38 million.
“That’s 16 percent of a company that trades for less than 250 million dollars in market cap...they are paying twice market rates....is JC Penny that desperate?”
A blogger for Refinery29 says Martha should be worried about breaching her contract with Macy’s...
“Martha Stewart's brand has survived a stint in jail, taped-to-live show switch-ups (despite this being her last season of The Martha Stewart Show), and slightly embarrassing made-for-TV movies starring Cybill Shepherd. However, this last court visit might do her in.”
But an ABC News blogger seems to think Martha will be just fine … in fact, the writer says Stewart is just maxing her merchandising cash.
“Stewart has bounced back before. In her insider trading case in 2004, Stewart was convicted of lying to investigators...and was incarcerated for five months. …[Martha’s] firm’s challenge is to rebuild advertising revenues while garnering as much merchandising income as possible … revenues grew very well during 2011.”
So what’s America’s crafter-in-chief got to say about the whole thing?
“Martha herself is keeping mum on the matter.”
News of the suit had stocks swinging Tuesday. As for the battle between department store and household name? It’ll play out in the New York State Court System.
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