JCPenney sells Mexico operation
October 30, 2003,
Plano, TX — J.C. Penney Corporation Inc. and its subsidiary, J. C. Penney Mexico Inc. have announced that they have entered into an agreement to sell their Mexico department store operation to Grupo Sanborns S.A. de C.V. of Mexico City.
The stock sale transaction is expected to result in a pre-tax loss of approximately $40 million to JCPenney Company, largely due to currency translation costs accumulated since operations began in 1995 and that have previously been reflected through reductions in stockholders' equity.
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