JEAN COUTU GROUP TO BUY ECKERD STORES
By Adnews Staff
The Jean Coutu Group of Longueuil, QC has entered an agreement to purchase 1,539 Eckerd drugstores from J. C. Penney of Plano, TX for US$2.375 billion. The drugstores and support facilities involved in the deal are located in 13 northeast and mid-Atlantic United States. The agreement also includes Eckerd's headquarters in Florida. The deal is expected to close in June 2004. The Jean Coutu Group operates 275 PJC outlets, 42 PJC Clinic and two PJC Santé Beauté franchises in Quebec, New Brunswick and Ontario. The company's American chain, Brooks Pharmacy, operates 333 corporate pharmacies in seven northeastern United States.
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