PLANO, Texas, Nov. 21 (UPI) -- CVS and Kohlberg Kravis Roberts, the private U.S. equity fund, reportedly are interested in buying JC Penney's Eckard drugstore chain.
The two entitites were expected to submit an "initial indication of interest" Friday.
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Jean Coutu, the Canadian drugstore chain, was also expected to pair up with a financial sponsor in offering an initial indication of interest for Eckerd, a chain of more than 2,700 stores that contributes more than 40 percent of JC Penney's sales, the Financial Times reported.
Eckard is valued at $3.5 billion to $5 billion.
JC Penney decided to sell Eckerd earlier this year, because the drugstore chain's poor performance had become a drag on its profits.
