JC Penney ready to split Eckerd pharmacy chain
Sale talks for $4.4bn sale
US department store group JC Penney is reported to be in advanced talks over a $4.4bn spit sale of its 2,800-store Eckerd drug store chain.
Candadian pharmacy operator Jean Coutu Group is hoping to acquire around 1,500 Eckerd stores in the north of the USA, while the remainder would be sold to CVS, the second biggest pharmacy retailer in then US.
JC Penney is known to have been looking to exit the drug store business for some time in order to reduce debt and focus on its core operation.
Reports suggest the sale could be announced over the next week, but neither deal has yet been finalised.
[img r]jeancoutu.jpg[/img]The sale would be a coup for Jean Coutu, Canada’s second largest drug store chain, which has been looking to expand in the US market, where it currenty has a handful of stores in New England. The acquistion would make Jean Couto the US’s fifth biggest pharmacy operator, behind Walgreens, CVS, Rite-Aid and Wal-Mart.
