Bulletin
Investor Alert

Sept. 29, 2021, 10:27 a.m. EDT

Macy's at Odds with Amazon over Signs

Sep 29, 2021 (Baystreet.ca via COMTEX) -- Macy's (NYS:M) is embroiled in a legal battle with its landlord to prevent Amazon (NAS:AMZN) from marketing on a billboard that sits on top of its most iconic flagship store.

The department store chain is asking New York City-based Kaufman Organization to stop a potential deal with Amazon to use the billboard atop its storied Herald Square location, according to a lawsuit filed in state Supreme Court in Manhattan.

Macy's is claiming that any advertisements from its online competitor would cause "immeasurable" harm to its business, the complaint said.

"The damages to Macy's customer goodwill, image, reputation and brand should a prominent online retailer (especially Amazon) advertise on the billboard are impossible to calculate," Macy's said in court papers.

Macy's has been advertising its business on the billboard for longer than half a century. But the lease for the space recently expired in August, and Macy's is claiming it failed to come to an agreement with Kaufman. Kaufman was already in talks with Amazon by that point, according to the complaint.

Macy's is claiming that any advertisements from its online competitor would cause "immeasurable" harm to its business, the complaint said.

"Since the early 1960s Macy's has placed a billboard sign on the building adjacent to our flagship store at the corner of Broadway and 34th Street," a spokeswoman for Macy's told the media in an emailed statement.

M shares galloped 24 cents, or 1%, to $25.35, at the outset, while those for AMZN acquired $$23.84 to $3,339.80.

COMTEX_394245880/2559/2021-09-29T10:27:18

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Link to MarketWatch's Slice.