Penney CEO to testify over Martha Stewart pact
NEW YORK - It's been a tough week to be Ron Johnson. After facing down investors this week over a dismal quarterly performance, the J.C. Penney CEO will be in the spotlight again - in court.
Johnson is expected to testify Friday in New York State Supreme Court in a trial that pits the struggling department store chain against rival Macy's Inc. over a partnership with domestic diva Martha Stewart.
The trial focuses on whether Macy's has the exclusive right to sell some of Martha Stewart branded products such as cookware, bedding and bath items.
Macy's is seeking to block Penney from opening Martha Stewart mini shops in its stores. The shops are part of Johnson's big plan to reinvent the shopping experience at the chain.
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