NEW YORK — J.C. Penney Corp. has agreed to sell its six-unit department store operation in Mexico to Grupo Sanborns S.A. de C.V., a diversified retail holding company based in Mexico City.

The transaction is expected to result in a pretax loss of approximately $40 million to Penney’s, principally related to currency translation costs accumulated since operations began in 1995 that have previously been reflected through reductions in stockholders’ equity. However, the transaction will also result in positive cash flow of approximately $25 million, including future anticipated tax benefits.

The six Mexican stores are in Monterrey, Leon, Mexico City, Chihuahua, Cancún and Merida.

Penney’s is also considering selling its Eckerd drugstore chain and could decide to sell off its 56-unit Renner department store operation in Brazil, as well.

Grupo Sanborns’ holdings include Sanborns, Sanborns Cafe, Sears Mexico department stores, music stores, shopping centers, and a bakery chain, El Globo.

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