J.C. Penney to Overhaul Eckerd Stores
PLANO, Texas - J.C. Penney Co. Inc. has said it will overhaul most of its Eckerd drugstore chain this year and next, but Chief Executive Allen Questrom said on Friday the company hasn't ruled out selling the drugstore unit, Reuters reports.
"During the balance of 2002 and in 2003, Eckerd will convert, relocate or open an additional 800 stores per year so that by the end of 2003, 80 percent of our stores -- accounting for 90 percent of our sales -- will be new or updated," Questrom said during the company?s annual meeting held at its headquarters.
When asked by reporters if Penney is considering selling or spinning off the 2,650-store chain, he said: "We think about it all the time," according to Reuters.
"During the balance of 2002 and in 2003, Eckerd will convert, relocate or open an additional 800 stores per year so that by the end of 2003, 80 percent of our stores -- accounting for 90 percent of our sales -- will be new or updated," Questrom said during the company?s annual meeting held at its headquarters.
When asked by reporters if Penney is considering selling or spinning off the 2,650-store chain, he said: "We think about it all the time," according to Reuters.