J.C. Penney Co. received two bids for its Eckerd drugstore unit that value the chain at between $4
billion and $5 billion, according to published reports.
The offers are less than J.C. Penney had hoped for and the company may revive the auction for its unit, the report said.
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J.C. Penney, based in Plano, Texas, is the second-largest U.S. department-store company. Company officials have been looking for a buyer for the 2,735-store chain for more than a year. An acquisition of Eckerd may help
competing chains increase their market share within the competitive drugstore business, the report said.
Kohlberg Kravis Roberts & Co. with CVS Corp., and Blackstone Group LP with Canadian drug chain Jean Coutu Group Inc. have bid for the unit, people familiar with the matter have told Bloomberg News.
Bloomberg News
