|J.C. Penney’s buy of a stake in Martha Stewart Living Omnimedia is the new CEO’s first strategic move. (Associated Press/file 2004)|
Penney to add Martha Stewart shops
J.C. Penney Co. has acquired a 17 percent stake in Martha Stewart Living Omnimedia for $38.5 million as the department-store chain seeks to revive sales with new mini stores dedicated to the brand. J.C. Penney agreed to pay $3.50 a share for the stake, 12 percent more than Martha Stewart Living’s closing price Tuesday, according to a joint statement yesterday. The Plano, Texas-based retailer will also obtain two board seats on Martha Stewart Living’s board.