Martha Stewart case
A New York State Supreme Court judge has ordered Macy’s, J.C. Penney and Martha Stewart Living Omnimedia to go into mediation as a way to resolve a contract dispute concerning a partnership over the Martha Stewart brand, according to a Macy’s spokesman.
The development comes as the companies were finishing up a third week in a trial over whether Macy’s has the exclusive rights to sell some Martha Stewart merchandise, including bedding, cookware and bath items.
Layoffs at Penney
J.C. Penney is cutting an additional 2,200 jobs to trim costs as chief executive officer Ron Johnson’s revamp of the department store chain causes sales to plunge.
The positions to be eliminated include back office administrators in stores and district offices, as well as some store leadership positions, the company said.
Colgate-Palmolive Co. approved a 2-for-1 stock split and boosted its dividend 9.7 percent as it works to keep the shares affordable and return cash to investors.
Billionaire investor Carl Icahn is proposing an alternative to the $24.4 billion plan to sell slumping PC maker Dell to a group led by founder Michael Dell, saying it substantially undervalues the company.
Icahn said he favors paying a one-time dividend totaling $9 per share in a move that would allow shareholders to keep their stake in the company.
Kroger’s fourth-quarter profit handily beat Wall Street expectations as the country’s largest traditional supermarket operator saw sales climb.
For the period ending Feb. 2, Kroger earned $461.5 million, or 88 cents per share. A year ago, the company reported a loss of $306.9 million, or 54 cents per share, as pension costs dragged down results. Revenue rose 13 percent to $24.2 billion.
| Star news services