In mid-2004, Coutu acquired more than half of the Eckerd store network (mainly units along the eastern seaboard) from department store retailer J.C. Penney. It continued to operate those stores under the Eckerd name. (The remainder of Eckerd's stores were sold to CVS/pharmacy.) From 1999 to 2004 the chain was the second fastest-growing retailer in the world. On August 24, 2006, Rite Aid announced that it would acquire 1,858 Jean Coutu's Eckerd and Brooks U.S. operations for $1.45bn in cash and issuing stock, giving Jean Coutu a 32% equity stake in Rite Aid. Rite Aid announced the acquisition completed on June 4, 2007.