The Wall Street Journal reported today that J.C. Penney Co., the second-largest
U.S. department store company, is in talks to split its Eckerd
drugstore chain and sell the parts to CVS Corp. and Jean Coutu
Group Inc.
In February, J.C. Penney received three bids for the business, which the paper said valued Eckerd’s 2,700 stores at about $4 billion. The chain paid $2.5 billion for the business seven years ago. An agreement could be announced as early as next week, although the paper said the complexity of the transaction could be the deal’s undoing. CVS would buy about 1,200 stores, leaving Canadian company Jean Coutu with about 1,500 Eckerd stores in the
U.S. northeast. Two bidders have already left talks, although a bid from Rite Aide Corp. is
also being considered.
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