USA: JC Penney Exits Mexico, Sells Stores
Department store group JC Penney Co Inc on Wednesday announced its exit from Mexico and said it will sell all six stores to retailer Grupo Sanborns for an undisclosed sum. The Texas-based company said in a short news release it sees a pre-tax loss of $40 million mainly related to currency translation costs from the sale, but added the sale will result in positive cash flow of $25m.
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