J.C. Penney Buys 16 Percent Stake in Martha Stewart Living Omnimedia
J.C. Penney has invested $38.5 million for 11 million Class A common stock — at $3.50 a share — for a 16.6 percent stake in Martha Stewart Living Omnimedia (MSLO). The retailer will also receive two seats on MSLO’s board.
As part of the 10 year deal, Martha Stewart mini-stores will be built inside J.C. Penney locations across the country. The staffers working those specialty stores will be trained to dispense Martha Stewart-like advice as well. The Stewart stores — as well as a joint e-commerce site between the two brands — are expected to start popping up in February of 2013.
Lisa
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