JCPenney (JCP) is ditching the Martha Stewart brand after a long legal battle between the two took place.
ABC News reports that the retailer decided to get rid of its Martha Stewart brand of home appliances didn’t live up to expectations. This news follows a three-way legal battle between JCPenney, Stewart, and Macy’s (M) over a partnership with Stewart that took place over a year and half.
Unidentified sources claim that the decision was made by Mike Ullman after returning as CEO in April. The merchandising deal between the retailer and the home designer was originally signed by the company’s former CEO – Ron Johnson – back in 2011.
JCPenney released its second quarter numbers two weeks ago and the report shows that company’s stock is still dwindling.