Penney drug unit must sell stores

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J.C. Penney Co. must sell 161 drugstores in North and South Carolina to win Federal Trade Commission approval of its acquisition of Eckerd Corp. and Rite Aid stores in the two states. Penney, which owns the Thrift Drug store chain, had agreed to acquire 1,724 drugstores in 13 states from Largo, Fla.-based Eckerd and 190 Rite Aid stores in North and South Carolina.

Copyright December 1996, Crain Communications Inc.

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