After having a tough and rough week, JC Penny has finally experienced some good time on Friday. An NY judge has given the company a permission to sell some specific products. These products are classified as the home goods which have been designed by Martha Stewart. The judge named Jeffery Oing, had refused to allow the company the sale of certain goods. But now the decision has been made in the favor of the company which is indeed a good sign in terms of their sales and profits. The company had stored the products for quite some time, but now they are all boosted and interested in terms of their sales.
JC Penny is also in a constant struggle against the Macy’s claims. They are in the state of a constant battle with Macy’s in terms of having the rights of the products. Macy’s had claimed in the form of a lawsuit that the products they have labeled as the JCP Everyday are in violation of the contract that they had made with Martha Stewart Living Omnimedia Inc. Not to forget that the products do not carry the other company’s name.
Judge Jeffery is of the view now that the other company has not proved that the sale of the products would pose an everlasting harm. Now here it is also important to note that Macy’s had also sued both of the other companies in the year 2011 when both of them had gone into a contract for the sales of certain products. The plan was all a part of the strategy that had been formulated by the former CEO named Ron Johnson. On Thursday, the officials from the side of JC Penny has also hired a financial advisory in terms of notching the sales further and for the purpose of improving company’s financial condition. These prospects are more likely to improve the state of the company and in terms of attracting the investors. According to the Wall Street Journal, JC Penny is now in the pursuit of nearly $ 1 billion in the form of cash which might include the sales of some minority stakes. Another spokeswoman from the side of the company had also stated that they are now also keen in hiring more and more advisors.