Penney no longer on Martha Stewart board in revised deal
(Reuters) - Martha Stewart Living Omnimedia Inc MSO.N and J.C. Penney Co Inc (JCP.N: Quote) said on Monday that Penney will no longer be represented on Martha Stewart's board under a revised commercial agreement covering their licensing and design partnership.
The amended agreement also covers a more focused range of categories over a shorter period of time ending on June 30, 2017, the companies said.
It was not immediately clear how, if at all, the revised agreement could affect a major lawsuit the companies face. Macy's Inc (M.N: Quote), which had an exclusive deal with Martha Stewart, sued Penney and Martha Stewart Living last year over a partnership announced in 2011 in which Penney would open Martha Stewart home shops at hundreds of stores.
(Reporting by Jessica Wohl in Chicago; Editing by Richard Chang)
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