Deals
J.C. Penney CEO Says Martha Stewart Deal Is ‘Transformational’
This article is for subscribers only.
J.C. Penney Co. Chief Executive Officer Ron Johnson said a partnership with Martha Stewart Living Omnimedia Inc. “will be transformational” for the department store chain.
J.C. Penney agreed to acquire a 17 percent stake in the housewares brand for $38.5 million, or $3.50 a share, according to a joint statement yesterday. The Plano, Texas-based department store chain is seeking to revive sales with new mini stores dedicated to the Martha Stewart Living brand.