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To: Glenn D. Rudolph who wrote (140148)	3/3/2002 1:09:40 PM
From: H James Morris	Read Replies (1) \| Respond to of 164685

>>Last month, Questrom also directed a change in the company's corporate structure, a move that many on Wall Street interpreted as a precursor to spinning off the 2,650-store Eckerd chain, which the company acquired in 1996 for $3.3 billion. Analysts have estimated that Penney could garner as much as $5billion for Eckerd, but Questrom has his eye on the $8 billion to $11 billion he thinks the company could be worth in two or three years. At the moment, Eckerd is contending with a lawsuit and an investigation by the Florida attorney general stemming from complaints that the chain overcharged customers for prescriptions. Eckerd said the allegation is baseless, but the legal challenges have been costly and are a major factor in the recent decline in the company's stock price. Shares closed Wednesday at $19.71, down $1.02, on the New York Stock Exchange. "There's nothing worse than selling a dilapidated house or a car that doesn't work," Questrom said, referring to Eckerd. "It will be worth more if I can fix it." latimes.com