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.

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