Jc - Penny Introduction


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Jc - Penny Introduction

  1. 1. J. C. Penney From Wikipedia, the free encyclopedia (Redirected from J.C. Penney) Jump to: navigation, search J.C. Penney Company, Inc. Type Public (NYSE: JCP) Founded Kemmerer, Wyoming (1902) Headquarters Plano, Texas, USA James Cash Penney, William Henry McManus, Co-Founder, Founder Key people Myron E. Ullman, Chairman & CEO William J. Alcorn, Executive Vice President Industry Retail Clothing, footwear, furniture, jewelry, Products beauty products, electronics and housewares. ▲ US$18.781 billion Revenue Website www.jcp.com This article is about the department store chain. For its founder, see James Cash Penney. For the Irish retail chain branded Penneys, see Primark.
  2. 2. J. C. Penney Company, Inc (NYSE: JCP; most commonly known today by the name JCPenney or simply Penneys) is a mid-range chain of American department stores based in Plano, Texas, a suburb north of Dallas. The company operates 1,067 department stores in 49 of the 50 U.S. states (except Hawaii) and Puerto Rico. J. C. Penney also operates catalog sales merchant offices nationwide in many small markets, comprising a portion of the largest general merchandise catalog business in the United States. In addition to sale of conventional merchandise, JCPenney stores are often home to several leased departments such as Optical, Portrait Studios, Jewelry & Watch repair, etc. Contents [hide] 1 Penney's • 2 J.C. Penney Company • 3 The Treasury, Catalog, and Full-line stores • 4 1969-1979 • 5 1984-1997 • 6 1998-2005 • 7 Today • 8 Future • 9 Slogans • 10 See also • 11 References • 12 External links • [edit] Penney's J.C. Penney mother store in Kemmerer, Wyoming. J. C. Penney was founded by James Cash Penney and William Henry McManus. The original name for the store that started Penney in the dry goods business was The Golden Rule Store, owned by T. M. Callahan in Longmont, Colorado. It was later changed to J. C. Penney Company
  3. 3. when it was sold in 1912 by T. M. Callahan to his protege, J. C. Penney[citation needed]. The mother store is located in Kemmerer, Wyoming, and still operates as of 2008, albeit with hours significantly shorter than many of its other store locations.[1] [edit] J.C. Penney Company The exterior of a J.C. Penney department store at the Holiday Village Mall in Great Falls, Montana. In 1909, J. C. Penney relocated the headquarters to Salt Lake City, Utah to be closer to banks and railroads and again in 1914 to Buffalo to simplify the buying, financing, and transportation of goods. By 1917, the company operated 175 stores in 22 states in the United States. JCPenney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. By the opening of 1,000th store in 1928, gross business had reached $190,000,000. In 1940, future billionaire and founder of Wal*Mart, Sam Walton, began working at a JCPenney in Des Moines, Iowa. Sam Walton later went on to found future retail giant Wal-Mart in 1962. By 1941, the company operated 1,600 stores in all 48 states. In 1956, JCPenney started national advertising with a series of advertisements in Life Magazine. JCPenney credit cards were issued and accepted at its stores for the first time in 1959. [edit] The Treasury, Catalog, and Full-line stores In 1962, JCPenney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury. JCPenney closed the money losing discount stores in 1981. In 1963, J. C. Penney issued its first catalog. The company operated in-store catalog desks in eight states. The catalogs were distributed by the Milwaukee Catalog distribution center. The company also opened its first full-line department stores in 1963. Those stores were located in Audubon, New Jersey and King of Prussia, Pennsylvania. Those two stores broaden the lines of merchandise and services that a typical JCPenney carries to include appliances, sporting goods, garden merchandise, restaurants, beauty salons, portrait studios, auto parts and auto centers. In 1966, J. C. Penney finished off the country's 50 states with the opening of its Honolulu, Hawaii store.
  4. 4. [edit] 1969-1979 Penneys logo used in the 60s until 1971. In 1969, the company acquired Thrift Drug, a chain of drugstores headquartered in Pittsburgh, Pennsylvania. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in JCPenney stores, The Treasury stores, and Thrift Drug stores. On February 12, 1971, James Cash Penney died at the age of 95. In respect of James Cash's death the company's stores were closed for half a day. Later in 1971, the stores became JCPenney, and adopted their famous logo which has been used ever since (with only minor variants). In 1977, JCPenney sold its stores in Italy to La Rinascente and also removed its Supermarkets Interstate leased departments. In 1979, the Visa card began to be accepted in JCPenney stores. MasterCard was accepted the following year. In 1978, the J. C. Penney Historic District in Kemmerer, Wyoming, was designated a U.S. National Historic Landmark.