Penney sells Eckerd chain for $4.5 billion - KCBD NewsChannel 11 Lubbock

4/5/04

Penney sells Eckerd chain for $4.5 billion

There's a new king in the U.S. drugstore industry. Plano-based JC Penney announced Monday that it sold its financially troubled Eckerd chain to C.V.S. and Canada's Jean Coutu Group. The combined price tag was just over $4.5 billion in cash.

C.V.S. agreed to buy almost 1,300 Eckerd stores, mostly in Texas and Florida, and Eckerd's mail-order business for about $2.15 billion. That would give Rhode Island based C.V.S. more than 5,000 stores in 36 states.

The Jean Coutu Group will get more than 1,500 Eckerd stores in 13 Northeastern and mid-Atlantic states and the chain's Florida headquarters. It's paying almost $2.4 billion for those and those stores will keep the Eckerd name.

  • Local News on KCBD.comNewsMore>>

  • Raids, arrests as on-edge UK seeks 'network' of attackers

    Raids, arrests as on-edge UK seeks 'network' of attackers

    Wednesday, May 24 2017 5:28 PM EDT2017-05-24 21:28:36 GMT
    Wednesday, May 24 2017 5:28 PM EDT2017-05-24 21:28:36 GMT

    The government Tuesday night raised the threat to "critical", its highest level, following an emergency Cabinet session.

    The government Tuesday night raised the threat to "critical", its highest level, following an emergency Cabinet session.

  • Trump budget faces Dem opposition, GOP doubts about math

    Trump budget faces Dem opposition, GOP doubts about math

    Wednesday, May 24 2017 5:25 PM EDT2017-05-24 21:25:53 GMT
    Wednesday, May 24 2017 5:25 PM EDT2017-05-24 21:25:53 GMT

    Trump on Tuesday released a 10-year budget plan containing jarring, politically unrealistic cuts to the social safety net and a broad swath of domestic programs.

    Trump on Tuesday released a 10-year budget plan containing jarring, politically unrealistic cuts to the social safety net and a broad swath of domestic programs.

  • Budget office releases report on House GOP health bill

    Budget office releases report on House GOP health bill

    Wednesday, May 24 2017 5:17 PM EDT2017-05-24 21:17:09 GMT
    Wednesday, May 24 2017 5:17 PM EDT2017-05-24 21:17:09 GMT

    The Congressional Budget Office planned to release its estimate Wednesday of what impact the GOP's House-passed health care overhaul would have on coverage and premiums.

    The Congressional Budget Office planned to release its estimate Wednesday of what impact the GOP's House-passed health care overhaul would have on coverage and premiums.

Powered by Frankly