Eckerd sale
This article was originally published in The Rose Sheet
Executive Summary
J.C. Penney will sell its Eckerd drugstore chain to Brooks Pharmacy owner Jean Coutu and drugstore retailer CVS for $4.53 bil., company announces April 5. Jean Coutu will acquire 1,539 Eckerd stores and support facilities located in thirteen Northeast and mid-Atlantic states, as well as the Eckerd home office for $2.38 bil. Stores under Jean Coutu will retain the Eckerd name. CVS will acquire 1,260 Eckerd stores and support facilities located in southern states including Florida, Texas and Arizona, in addition to Eckerd's pharmacy benefits management and mail order business, for $2.15 bil. The firm plans to reopen the Eckerd stores under the CVS name. Transactions are expected to close by the end of the second quarter, subject to regulatory approvals...