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PLANO, Texas, Feb. 27 (UPI) -- U.S. department store chain J.C. Penney said it will sell off its money losing Eckerd chain, the St. Petersburg, Fla., Times reported Friday.
Penney bought the Florida-based chain, which now has 2,775 stores, seven years ago.
Analysts expect Texas-based Penney to get $4 billion to $4.5 billion for Eckerd, a chain acquired for $3.3 billion in cash and assumed debt and combined with two other chains and its 800-store Thrift Drug unit in 1997.
Earlier, Penney officials hoped to get $6 billion to $7 billion for Eckerd, the nation's fourth-largest drugstore chain.
Various drugstore companies are expected to bid for parts of Eckerd.
CVS Corp. is interested mainly in 1,100 Eckerd stores in the Sun Belt including Florida, Louisiana and Texas.
Another bidder is Jean Coutu Group, a Canadian chain that operates the 250-store Brooks Pharmacy chain in the Northeast. Coutu is interested primarily in Eckerd stores that help it expand Brooks into adjacent states.
Rite Aid Corp., a Camp Hill, Pa., company that runs the nation's third-largest drugstore chain, is interested in acquiring a few markets.
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