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StumbleSale of Eckerd chain completed
Monday, Aug. 2, 2004 | 10:39 a.m.
PLANO, Texas -- J.C. Penney Co. said Sunday it had completed the sale of the Eckerd drug chain to CVS Corp. and Canada's Jean Coutu Group Inc. in two deals valued at $4.5 billion.
Chief Financial Officer Robert Cavanaugh was scheduled to discuss the sale on a conference call today with financial analysts.
Company officials have said Penney will pay down debt and buy back shares of its stock with the $3.5 billion in proceeds.
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