Macy’s Lundgren Testifies He was Shocked by Martha Stewart Deal

Terry Lundgren, chief executive officer of Macy’s Inc., said he was so upset when Martha Stewart called to tell him about her company’s deal to sell products at J.C. Penney Co. stores that he hung up on her and hasn’t spoken with her since.

Lundgren, 60, testified he was “completely shocked and blown away” when Stewart called in December 2011 to tell him about the pact, which was announced the next day. When Stewart said the agreement would be “good for Macy’s,” Lundgren said he replied “this conversation is over” and ended the talk.