JC Penney has been going through some serious changes these past couple of weeks.
After former CEO Ron Johnson stepped down from his position at the JCP offices, interim chief executive Mike Ullman took his spot.
Since gaining his new, but potentially temporary, position, Ullman has had a handful to deal with, as he reportedly is now trying to end a long legal battle over Martha Stewart's home goods line.
"(Macy's CEO Terry Lundgren) was Mikes first phone call," a source told the New York Post. "He just wants to get it over with and move on."
In 2012, Macy's sued JC Penney and Martha Stewart Living Omnimedia Inc. after the two entities announced they'd made movements to open entire Martha Stewart stores inside JC Penney.
The plans were part of former CEO Ron Johnson's idea to revamp JC Penney as a modern, fashion-forward company, in his attempts to bring the monolithic company back from the grave.
During his days as chief executive, Penney's shares dropped 44 percent, then sunk 25 percent lower in the span of a week.
Now, Ullman is scrambling to put the pieces back together.
Martha Stewart's company has now lost a bid Thursday that dashes Macys Inc.'s assertion that Stewart was in direct violation of their contract when it came up with certain products for JC Penney to start carrying.
As the details of the settlements come to a head, it seems that JC Penney would begin ousting its 10-year long, $200 million contract with Stewart's company. The department store is still asking to see Martha Stewart products for a short duration of remaining time, as it still has handfuls of product, reports Yahoo.
New York State Supreme Court Justice Jeffrey Oing must rule on whether or not JC Penney can sell Martha Stewart-inspired and designed bedding, bath and cooking items as "JCP Everyday" items.
A Citi-sponsored analyst report projects that Penney could lose as much as $100 million on the JCP Everyday items.
Both Macys and JC Penney have denied giving statements for the time being.
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