Ullman is Already Cleaning Up Johnson's Mess at JCPenney (JCP)

Incoming Returning JCPenney (NYSE: JCP) CEO Mike Ullman III isn't taking time to celebrate his good fortune and is instead moving to clean up an outstanding legal battle which has graced headlines over the last few months.

According to the NY Post, Ullman is said to have reached out to Macy's (NYSE: M) CEO Terry Lundgren over ongoing litigation with respect to Martha Stewart Omnimedia (NYSE: MSO) agreements.

The Post notes that JCPenney would be willing ot exit the $200 million home goods agreement with Martha Stewart, which was signed by former JCPenney CEO Ron Johnson in December 2011.

New York State Supreme Court Justice Jeff Oing is set to rule today on whether or not to extend a preliminary injunction on JCPenney, which bars it from further sales of Martha Stewart goods that fall into product categories owned by Macy's.

JCPenney shares are up modestly early Thursday.

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