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Martha Stewart suffered a blow last week, when J.C. Penney Co. scaled back its partnership with the company ahead of a ruling in its long-running fight with Macy's over Martha Stewart products. The department store chain will no longer sell a broad range of home and bath products designed by Martha Stewart Living, the two companies announced. Penney will continue to sell a smaller batch of Martha Stewart items, including window treatments, rugs and party supplies. Penney will also be returning the media and merchandising company the 11 million shares it bought as part of the 2011 licensing deal and giving up two seats on Martha Stewart's board. Plano, Texas-based Penney and Martha Stewart signed a merchandising deal in December 2011. That prompted Macy's Inc. to sue both companies for violating its exclusive agreement with Martha Stewart. Martha Stewart Living Omnimedia Inc. reported in July that its loss narrowed in the second quarter, helped by solid sales of its merchandise and expense-cutting moves over the past 18 months. The company is expected to report third-quarter results Tuesday. Shares rose a penny to $2.40 in morning trading.
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