J.C. Penney Co. may divide its Eckerd
drugstore chain in a sale after CVS Corp. and Rite Aid Corp.
showed interest in the chain’s southern U.S. stores, Reuters
reported, citing unidentified people close to the matter.
J.C. Penney has offered to sell as many as 1,200 stores in
the southeastern U.S., Reuters said. The move would pit Rite Aid
and CVS against each other in that region. Eckerd has about 2,700
stores on the East Coast.
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While the southern stores have been some of the poorest
performers for Eckerd, Rite Aid and CVS are seeking to expand in
that area, Reuters said. Eckerd might sell those stores alone for
as much as $1.3 billion or more, Reuters said. CVS declined to comment to Reuters, while Rite Aid didn’t
immediately return calls for comment. J.C. Penney spokesman Tim
Lyons said the company has had discussions with “a number of
interested parties” and declined to be more specific.
Bloomberg News
