The Jean Coutu Group (Longueuil, Que.), Canada's third-largest drugstore retailer, has expressed interest in acquiring the Eckerd chain from J.C. Penney Co. Inc. (Plano, Texas).
“If there is a potential serious acquisition in the U.S., you can count on us being there,” said Jean Coutu Group ceo Francois Coutu before a group of analysts. He called the possible sale of Eckerd “interesting.”
The comments of the Canadian retail executive came amid published reports that Penney has hired the Credit Suisse First Boston investment bank to find potential buyers for the Eckerd chain. Eckerd is the fourth-largest drugstore chain in the U.S.
Penney chairman and chief executive Allen Questrom has said repeatedly that the company might sell Eckerd, but company officials declined to comment Tuesday on the drugstore chain's future. “As of now, we're not in a position to make an announcement about Eckerd,” said a Penney spokesman. “We won't be making a decision about Eckerd until by the end of the year.”
Jean Coutu Group runs about 650 pharmacies, mainly under the Jean Coutu banner in Quebec. It also owns the Brooks Pharmacy chain, which runs some 330 stores in seven Northeastern U.S. states.