Retail
Martha Stewart & Kmart Get a Divorce (MSO, SHLD, HD)
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Martha Stewart Living Omnimedia Inc. (NYSE: MSO) has just released a headline titled “Martha Stewart Living Omnimedia Issues Statement.” Unfortunately, this ‘statement’ is that the relationship between Martha and Sears Holdings Corporation (NASDAQ: SHLD) in Kmart is not being renewed. We suspected something of this magnitude when the The Home Depot, Inc. (NYSE: HD) pact was signed, and that now appears to have been the last straw.
Martha Stewart stated, “Both Martha Stewart Living Omnimedia and I appreciate the long and productive relationship we have enjoyed with Kmart and Sears Holdings. Although we were not able to agree on terms that would have allowed us to continue working together, we wish our friends at Kmart and Sears Holdings all the best. To the extent my recent comments were taken by anyone to be inconsistent with this sentiment that was not my intent. We hope in particular for a strong performance for the Martha Stewart Everyday line of holiday ornaments and decorations for this upcoming holiday season.”
In these product licensing deals, there is always a question over who really dumped who. But most indications in the past were that K-Mart/Sears’ management felt jilted over other distribution pacts being signed.
Eddie Lampert’s Sears Holdings Corporation (NASDAQ: SHLD) is trading down 1.6% at $70.28 and Martha Stewart Living Omnimedia Inc. (NYSE: MSO) shares are down 0.3% at $6.17 and recovering off the lows.
JON C. OGG
OCTOBER 16, 2009
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