Macy's, Retailer | featured news

A New York appeals judge on Tuesday stopped J.C. Penney from selling certain Martha Stewart goods until Thursday, when he is expected to decide whether to extend the block while an appeal from Macy's Inc is pending.

Eight years after Martha Stewart was released from prison for lying about a stock trade, the home diva is now facing another legal mess that may not be easy to clean up. Stewart, 71, took the stand in New York State Supreme Court Tuesday morning. She is at the center of a bitter legal battle between two of the nation's largest retailers - Macy's Inc. and J.C. Penney Co.

More than 510,000 people have signed a online petition urging Macy's Inc. to sever its ties with real estate magnate and television celebrity Donald Trump, accusing him of “especially unpleasant, nasty and despicable behavior.”

Talks between the union representing 4,000 workers at four New York City area Macy's Inc stores, including its Herald Square flagship, and the company could continue past the midnight deadline on Wednesday to avert a strike at Macy's for the first time since 1972.

LOS ANGELES (Reuters) - Department store chain Macy's Inc said on Tuesday it recorded an estimated pre-tax goodwill impairment charge of around $5.4 billion in 2008.

Some of the US's best-known retailers report sharp slumps in profits as consumer confidence continues to slide.

Macy's said it will record an asset write-down of up to $5.5 billion as the department store posted a big drop in operating profit amid heavy markdowns and weak consumer spending.

US department store chain Macy's is cutting 7,000 jobs as it reduces costs against a backdrop of falling sales.