Mar
01
How the J.C. Penney, Martha Stewart Deal Was Born
Posted in: Uncategorized
The courtroom was packed today as J.C. Penney’s CEO Ron Johnson testified in the trial between Macy’s, J.C. Penney and Martha Stewart Living Omnimedia.
Over the course of nearly four hours, Macy’s lawyer grilled the executive, trying to establish that J.C. Penney intentionally sought to breach Martha Stewart Living Omnimedia’s existing contract with Macy’s.
From the beginning of his talks with MSLO in August 2011, Mr. Johnson seemed to be aware that any deal would cause trouble with Macy’s. “[Martha] wants to do it.I need to propose a deal so she can go to Terry [Lundgren, CEO] at Macy’s and break their agreement,” he wrote in an email. “That is the only issue in way of success at this point.”
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