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January 30, 2002

USA: JC Penney In Corporate Restructure

Retail giant JC Penney Co has created a holding company to independently operate its three main divisions: its department stores, its catalogues and e-business, and the Eckerd drugstore chain. The corporate structure changes are effective immediately and the new umbrella group "will provide us with more flexibility as we progress with the rebuilding of our businesses," said JC Penney chairman and CEO, Allen Questrom, in a statement.

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