JCPenney expects to generate $260mn from sale of Lojas Renner interest
06 Jul '05
1 min read
One of America's largest department stores J. C. Penney Company Inc announced its wholly owned subsidiary; J. C. Penney Brazil Inc has closed on the sale of its shares in Lojas Renner S.A., a Brazilian department store chain, through a public stock offering in Brazil.
The company is expected to generate net proceeds of approximately $260 million from the sale of its Renner interest. As a result of the sale, operating results for Renner will be classified by the company as discontinued operations beginning with the reporting of June sales and second quarter earnings.
Online store J C Penney Corporation Inc, the wholly owned operating subsidiary of J. C. Penney Company, Inc., is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates.
As of April 30, 2005, J. C. Penney Corporation Inc operated 1,017 JCPenney department stores throughout the U.S. and Puerto Rico. JCPenney is the nation's largest catalog merchant of general merchandise, and jcpenney.com is one of the largest apparel and home furnishings sites on the Internet.
marketing@alchempro.com
