J.C. Penney Co. Inc. responded Friday to the lawsuit Burberry filed Tuesday alleging the retailer copied its plaid design. One of J.C. Penney’s suppliers, Levy Group LLC, is also named in the lawsuit. Penney “is fully indemnified by the supplier, and therefore any damages awarded in the case will be fully covered by the supplier,” the statement said, adding that the suit will have “no financial impact” on the company. “While no assurance can be given as to the ultimate outcome of the lawsuit, the Company believes the final resolution of the lawsuit will not have a materially adverse effect on its results of operations, financial position, liquidity or capital resources.” J.C. Penney shares closed Friday at $6.99 and were down 0.6% in after-hours trading. The stock is down 11.6% in the past 12 months, while the S&P 500 is down 10.7% for the same period.
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