NEW YORK — J.C. Penney may be ending the tug-of-war with its nemesis over Martha Stewart.
The chain is reportedly dumping the Martha Stewart brand, after sales of the home maven’s goods failed to live up to expectations. The move, reported by the New York Post on Thursday, comes as a judge is expected to rule in a lengthy court battle between J.C. Penney Co. and rival Macy’s Inc. over whether Macy’s has an exclusive right to sell some of her products.
The Post cited unidentified sources as saying that Mike Ullman, a former Penney CEO who returned to the top job this year, made the decision to drop Martha Stewart because of poor sales. CNBC has reported that Martha Stewart is saying that her company has no intentions of ending her deal with Penney. E-mails seeking comment from Martha Stewart and Penney were not returned. The move is the latest way Ullman is unraveling the botched bid by former CEO Ron Johnson to transform the retailer from dowdy to trendy.
