Penney no longer on Martha Stewart board in revised deal

Mon Oct 21, 2013 5:53pm EDT
 
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(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)

 
Customers ride the escalator at a J.C. Penney store in New York August 14, 2013. REUTERS/Brendan McDermid