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To: Haim R. Branisteanu who wrote (48963)	5/2/2000 1:21:00 PM
From: Road Walker	Respond to of 99985

Haim, JCP - Tuesday May 2 12:23 PM ET J.C. Penney May Sell DMS Subsidiary PLANO, Texas (Reuters) - Major U.S. retailer J.C. Penney Co. Inc. (NYSE:JCP - news) on Tuesday said its board of directors authorized management to explore a sale or joint venture for its Direct Marketing Services (DMS) subsidiary. The unit markets and sells a range of quality insurance products and membership services. Speak your mind Discuss this story with other people. [Start a Conversation] (Requires Yahoo! Messenger) ``We believe that exploring strategic alternatives for DMS is the right next step both for our shareholders and to enhance the growth prospects of DMS,'' Penney Chief Executive James Oesterreicher said in a statement on Tuesday. The company plans to use proceeds from a transaction involving DMS, and a planned tracking stock initial public offering of Eckerd Corp., its drugstore chain unit, to reduce debt and to buy back Penney common stock. Shares of J.C. Penney were up 1 3/8 at 16 1/16 in midday trade Tuesday on the New York Stock Exchange.