J.C. Penney sells Eckerd - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

4.5.04

J.C. Penney sells Eckerd

Eckerd is being sold by its parent company, J.C. Penney.

Texas-based J.C. Penney has agreed to split the 28-hundred drugstore chain between Canada's Jean Coutu group and C-V-S for a total of about four-and-a-half billion dollars.

C-V-S will get about 13-hundred Eckerd drugstores in several Southern states, mostly in Florida and Texas.

After taxes and expenses, J.C. Penney expects to generate about three-and-a-half billion dollars in cash.

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