Walton later founded retailer Walmart in 1962. He later said during a conference that Penney should have stuck with his overall strategy, according to Fortune magazine. Marc Rosen will take the helm at J.C. Penney Co. as the retailer continues to try to stabilize its business. Shashoua, who also serves as chief investment officer of . The second full-line shopping center store was dedicated, at King of Prussia Plaza in King of Prussia, Pennsylvania in late 1962. Photo: Metaweb (FB) Ken Skistimas Age: 47 Michael T Theilmann The company was not, however, immune to the intense competition and promotional atmosphere of late 1989 and early 1990, and earnings slipped slightly to $5.86 per share on sales of $16.1 billion in 1989. 2002: Penney celebrates its 100th year. 1971: Founder James Cash Penney passes away at age 95. That same year, fashion designer Roy Halston, signed a six-year, $1billion deal with JCPenney to sell a line of affordable clothing, accessories, cosmetics, and perfumes ranging in price from $24 to $200. J.C. Penney, in full J.C. Penney Corporation, Inc., formerly J.C. Penney Stores Company (1913-24) and J.C. Penney Co. (1924-68), American retail company, founded in 1902 by James Cash Penney and today engaged in marketing apparel, home furnishings, jewelry, cosmetics, and cookware. Web. With 846 stores and 85,000 employees, the department store plans hundreds of permanent store closures as a means to reduce debt and avoid liquidation. Less than a month after JCPenney exited Chapter 11, CEO Jill Soltau has left the department store retailer. Sales topped $3 billion in 1968; in 1969 the company added an Atlanta, Georgia, catalog distribution center and purchased Thrift Drug Company. - The pioneer of Apple Inc retail outlets launched expensive renovations of Penney stores and eliminated coupons. With its new stance as a national department store focusing on apparel, the company had benefitted from its prime regional shopping center space, the most such space of all U.S. retailers. J.C. Penney | History & Facts | Britannica Beginning in 2007, J. C. Penney's store slogan changed from "It's All Inside" to "Every Day Matters." JCPenney CEO Jill Soltau speaks during an interview in Fort Worth, Texas, in 2019. The store, along with the entire mall, closed by the end of 2007. Stanley Shashoua, Simon's chief investment officer, has been appointed as executive chairman of the Board of Directors after serving as interim CEO of JCPenney since January. On December 30, 2020, it was announced that Jill Soltau would step down as CEO of JCPenney, effective December 31, 2020. Annual sales reach $4 billion. As consumers, we often take for granted all the hard work that goes into building a great company. Penney became chairman of the board in 1917, when the company had 175 stores, and Earl Sams became president. She is tasked with a turnaround bid against the backdrop of a deteriorating brick-and-mortar retail landscape that has forced Toys R Us Inc and Sears Holdings Corp to seek bankruptcy protection. The stores are reconfigured into separate shops. Here's a map of where they are", "Bankrupt JCPenney Is Closing its Manhattan Mall and Kings Plaza Locations in NYC", "J.C. Penney closing more stores after exiting bankruptcy. With this deal, Sephora will remain affiliated with, and under control of, the Simon and Brookfield retail portfolio, therefore superseding and annulling previous agreements for Sephora to leave JCPenney in favor of Kohls. Penneys discontinues the line in 1988. [44], In June 2011, Ron Johnson who had previously led Apple retail stores in a period go high growth, became J. C. Penney's new CEO. James Cash Penney started his first retail store in 1902 in Kemmerer, Wyoming, a small mining town. [39] That summer, J.C.Penney also added a new brand to its home collection, "Linden Street." Tucker Carlson ousted at Fox News amid lawsuit alleging sexism : NPR Jake Lahut , Oma Seddiq, and Lauren Frias. JCPenney CEO And Leadership: Executives and Demographics This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. [70], In January 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off 2,250 employees. Headquarters 6501 Legacy Dr, Plano, Texas, 75024, United States (972) 431-1000 CEO Marc Rosen Revenue $9.3 B Employees 50,000 Founded 1902 Funding History JCPenney raised a total of $3.3 B in funding over 2 rounds, and is a public traded company. [35] In 2004, the company added 14 more stores and exited the drug store division after 35 years, with the sale of its Eckerd division. [42][43] An additional seven stores, two call center facilities, and one customer decorating facility would also be closed. The Penney catalog makes its official debut. JCPenney CEO and Executives. 2012: JCPenney dramatically changes its structure. [114] On July 31, 2020, it was announced that 21 stores, including the "Mother Store" in Kemmerer, Wyoming, would be auctioned off as part of the proceedings. JCPenney store, as seen in May 2007, reflects the old Penney's signage. [63][64], During the spring of 2013, a kettle sold by the company attracted controversy when many users of social media pointed out its resemblance to Adolf Hitler, with the kettle being dubbed the Hitler teapot. These discount operations proved unsuccessful and were shuttered in 1981. After Sears closed its catalog business in 1993, J. C. Penney became the last catalog retailer in the United States. JCPenney Welcomes Marc Rosen as Chief Executive Officer The Penney store at Plaza Las Amricas mall in San Juan, Puerto Rico, which opened in 1968, featured three levels and 261,500 square feet (24,290m2). The line generates much publicity but ultimately damages the reputation of Halstons couture business. J. C. Penney finished the quarter with just $181million in cash, down from $363million a year ago. "[66] Ullman is removing the radio frequency identification technology and returning to security tags because shrinkage has "added 100 basis points on margins in the third quarter". The next year, the full brunt of the recession and the Gulf War hit consumers and JCPenney rather hard. 1907: James Cash Penney buys out his original partners and assumes sole control of the business. Everything these days seems all up in the air. In addition, low-margin goods were preventing the company from making its profit potential. Other big retailers started in mail-order and then launched into retail stores. The company also planned to offer buyouts to roughly 6,000 employees. Marc Rosen is pulling together a leadership team at JCPenney with a vision of doing nothing less than transforming the legacy retailer. To retain its claim as the U.S.'s largest department store, especially with old foe Sears pounding on the door, JCPenney's executives turned up the heat with more private label brands and, oddly enough, coffee. In 1984, JCPenney acquired the First National Bank of Harrington, Delaware and renamed it J. C. Penney National Bank. JCPenney - Wikipedia A plan is devised to close multiple stores in order to improve cash flow. Returned as CEO in 2013 after J.C. Penney suffered a tumultuous two years under replacement Ron Johnson. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in J. C. Penney stores, The Treasury stores, and Thrift Drug stores. Alternate J. C. Penney logo used on a few stores, used from 2011 until 2012. As JCPenney struggles with missed debt payments and prepares for a possible bankruptcy filing, it approved bonuses of $1 million or more to its top four executives . Stanley Shashoua, Simon's chief investment - Introduced successful Sephora cosmetics shop-within-shop concept. Carlson had signed off of Friday's show by wishing viewers the "best weekend" and telling them he'd be back on Monday. In 2001, J. C. Penney sold its direct-marketing insurance unit to Dutch insurer Aegon for $1.3billion (equivalent to $1.99billion in 2023) in cash to help refocus the company on retail. [13] Penney opened the store on April 14, 1902. ", "J.C. Penney, Macy's to shut stores, lay off scores", "J.C. Penney targets millennials with a return to the appliance business", "JC Penney takes on lease 130,000 sq ft in Bengaluru", "J.C. Penney Is Selling Its Headquarters for $353 Million", "J.C. Penney is Selling Its Headquarters for $353 Million", "JC Penney Closing 140 Stores in Early 2017", J.C. Penney Is Closing These 138 Stores This Spring, "J.C. Penney Opening "Jacques Penne" Pop-Up Shop", "Nicole Richie tells us her beauty resolution for 2018 and the products on her holiday wish list", "J.C. Penney is closing a Wisconsin distribution center and 8 stores", "JC Penney taps former Joann Stores chief Jill Soltau as its CEO, sending shares up more than 10%", "Penney's First Female CEO Says Her Turnaround Will Be the One to Work", "Jill Soltau's Slow Approach To Save JC Penney May Be As Dangerous As Ron Johnson's Quick Attempt", "JCPenney stock falls below $1 for the first time ever", "JCPenney is ditching appliances and most furniture from its stores", "JCPenney plans to close 27 stores as sales sink", "J.C. Penney Taps New CFO as Retailer Fights Falling Sales", "JCPenney names new chief customer officer", "JCPenney, Kohl's disappoint and stocks crater", "J. C. Penney to close six stores and a call center", "Soltau And Team Taking $10 Million In Bonuses Out Of Sinking Penney", "NYSE to Suspend Trading in J. C. Penney Company (JCP)", "Coronavirus (COVID-19) Response Penney IP LLC", "JC Penney is closing 13 more stores. Allen Questron served as Chairman and CEO of Federated Department Stores from 1990 to 1997. Earnings dropped from $185.8 million to $125.1 million. Photograph by Nancy Newberry for Fortune JCPenney CEO Marc Rosen has no intention of adding to the. Why JCPenney's Lost Decade Jeopardizes Its Future - Forbes List is made up of a variety of people, including Sam Walton and Allen I. Questrom. Much of the big decrease was because of a $190billion debt replace. When the Great Depression hit, the company coped by cutting back its inventory and trying to purchase goods at lower prices so it could pass the price cuts on to customers. Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. late last year tapped Jill Soltau as chief executive officer to stem the decline in sales, the fifth leadership change at the department store operator in 15 years. The company joins with Goodyear and plans auto centers to be located next to future stores. [58], On April 8, 2013, Johnson was fired from J. C. Penney after 17 months with the company. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. [19] That year, the company adopted the JCPenney style in advertising. [115], On September 9, 2020, Brookfield Property Partners and Simon Property Group agreed to purchase JCPenney for about $800million, including $300million in cash and assuming $500million of debt,[116] which was later approved by the court on November 10, 2020. [40] That year, J. C. Penney reached an agreement with Seattle's Best Coffee to feature full-service cafes within leased departments inside J. C. Penney stores across the country. [38] J.C.Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some J.C.Penney locations. Johnson is removed as CEO in April 2013 and former CEO Myron E. Ullman III is reinstated. [71] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. As Penney's personal wealth increased, so did his charity. With the $14 million remodeling of its key store in Atlanta, JCPenney rolled out the prototype of its latest store design. On January 1, Stanley Shashoua, Simon Property Group's chief investment Officer, will become JCPenney's. At an analyst meeting in New York the same day, Johnson said, "I'm completely convinced that our transformation is on track." Apr 25, 2023. Source: International Directory of Company Histories, Vol. JCPenney: Employee Directory | ZoomInfo.com JC Penney Continues C-Suite Buildout Under New CEO Annual. The Woodfield Mall store served as the largest in the chain until a replacement store opened at Plaza Las Amricas in 1998, which is 350,000 square feet (33,000m2) in size. James Cash "J. C." Penney Jr. (September 16, 1875 February 12, 1971) was an American businessman and entrepreneur who founded the J. C. Penney stores in 1902. The catalogs were distributed by the Milwaukee Catalog distribution center. Stanley Shashoua, Simon's chief investment officer, has been appointed as executive chairman of the Board of Directors after serving as interim CEO of JCPenney since January. 1922: Penney operates 371 stores with annual sales of $49 million. JCPenney was once a shopping giant. Can it make a comeback? Oesterreicher and his management team certainly hoped so, because after all--JCPenney was supposed to be "Doing it Right.". 2009: After 46 years, Penneys discontinues its popular catalog, along with its large network of Outlet Stores. By the opening of the 1,000th store in 1928, gross business had reached $190million (equivalent to $3billion in 2023). In 1925 when the company's 674 stores generated sales of $91 million, Penney was again giving some of his good fortune back, this time in establishing the J.C. Penney Foundation to fund a myriad of family-related agencies. 1976-85: Mass Merchandiser or Department Store? With the acquisition of the bank, the company became able to issue its own Mastercard and Visa Inc. cards. After relocating to its new headquarters in Plano, the company was rewarded with replenished catalog sales; record performances from JCPenney Insurance and JCPenney National Bank; retail sales of $18 billion, and a net income hike of $777 million with an ROE leap of 18.6 percent over 1991. NEW YORK, NY, UNITED STATES - 2018/07/08: JCPenney's Manhattan store, in the former Gimbels flagship, opened in 2009. The deal was approved by the U.S. bankruptcy court for the Southern District of Texas two months later. Ron Johnson (2011-2013) - The pioneer of Apple Inc retail outlets launched expensive. [77] On March 17, J. C. Penney released a list of 138 locations that would close by the end of June. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. He did not respond to a request for comment from NPR. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. In 1995, the drug store business was expanded with the acquisition of Kerr Drug and again in 1996 with the purchase of Fay's Drug. The stores were closed due to low profitably and high expenses. Its unsustainable debt load, compounded by COVID-19, just pushed it over the edge. [citation needed]At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. By 1915 the company had 83 stores and the next year ventured east of the Mississippi River for the first time with stores in Wausau and Watertown, Wisconsin. The former CEO and chairman at JCPenney, Myron E. 'Mike' Ullman III, came in at sixth place. [121] Sephora had already announced plans to contract exclusively with Kohl's by 2023, and had piloted Sephora Inside Kohls at select store locations. In 1986 JCPenney acquired Units, a chain of stores selling contemporary knitwear and by the next year the company was well on its way to achieving the goals it set forth in 1982. [21], In 1977, J.C.Penney sold its four stores in Italy to Italian department store chain La Rinascente, Penneys had opened in Italy in 1970 but left due to diffucilutes encountered when trying to expand in Italy and had only ever opened stores in the Lombardy region. Dylan Hollingsworth/Bloomberg/Getty Images. 1942: James Cash Penney gives a keynote address at the companys 40th anniversary celebration in Montana. To the relief of shareholders and management alike, JCPenney rebounded in 1992 while celebrating its 90th anniversary. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. Foundry Supply Co. (discontinued solo stores, brand moved to JCPenney stores), men's Big & Tall apparel, superseded by SJB and Arizona. Tucker Carlson Ousted From Fox News, 7 Other High-Profile - Insider Penney's first job was clerking in a general store for a salary of $2.27 per month. The company admits that the new sales policies and merchandise misjudgments have led to a disastrous business decision. [21] However, the company was hard hit by the 1974 recession with its stock price declining by two-thirds. )[29], On December 9, 1998, The New York Times reported JCPenney would acquire controlling interest of Lojas Renner for a little over $33 million, which increased the company's maneuvering ability with their already existing units in Chile, Mexico and Puerto Rico. Why JCPenney's New President Has A Tough Road Ahead - Forbes [21], JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. Seibert remained chairman, Neppl moved to the new vice chairmanship, and William Howell was made an executive vice president. [72] In February, J. C. Penney opened a support center in Bangalore, India. Reuters reported last month that the 117-year-old department store operator hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround. The company has had four different CEOs in the past 10 years. In 2010, Vornado Realty Trust took a 9.9 percent stake in Penney; it sold off its 9.9 Million share interest in the company for $13.00 per share in 2013. The company struggled through the 1970s, as upstart companies like Wal-Mart began selling goods at discount prices and long-time rivals like Sears gave JCPenney tough competition in the hardware and appliance departments. With 32 departments, the 152,000-square-foot store is designed to be a prototype for future expansions into larger markets. J.c. Penney Company Inc | Encyclopedia.com In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. 2020: JCPenney stock falls below $1 a share, putting it at risk of being delisted from the New York Stock Exchange. In 1963, J. C. Penney issued its first catalog. his first store (left) with the new Hammond, Indiana, store. JCPenney announced Oct. 25 the appointment of Marc Rosen as CEO, effective Nov. 1. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. WGN Web Desk, and Associated Press. JCPenney Outlet / JC's 5 Star Outlet JCPenney Outlet Stores were stores that sold JCPenney's merchandise at a lower outlet store price. - Eliminated Penneys catalog. J.C. Penney purchases the Milwaukee-based General Merchandise Company and enters the catalog mail order business. 1913: The company, headquartered in Salt Lake City since 1909, is incorporated as the J.C. Penney Co. The company also introduced a communications system for broadcasting directly to its stores using satellite transmissions from headquarters. Marketing expert John Tantillo advised that the company distance itself from the commercial and also shed the publicity it engendered.[126]. In October, it was announced that the company would be tapping former Home Depot executive Marvin Ellison to take on the role of CEO starting in November. - In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc. [30] In 1998, JCPenney launched its Internet store.[31]. JC Penney - CompaniesHistory.com Our Standards: The Thomson Reuters Trust Principles. 41 on Fortune 's list of the country's 50 most powerful female executives. Further, James E. Oesterreicher was named president and Gill retired after 39 years with the company. Though he had quietly been giving thousands of dollars to local churches and organizations, in 1923 he founded Penney Farms, a 120,000-acre experimental farming area in northern Florida for down-on-their-luck farmers. Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 667 stores across 49 U.S. states and Puerto Rico. Penney states, We feel that the Penney company is well equipped to make a substantial contribution toward thrift and savings of the nation. The store count reaches 1,609 locations. After several ups and downs in Longmont, Colorado, Penney started working for the Golden Rule Mercantile Company, a dry goods retailer founded by T. M. Callahan. JCPenney gives executives bonuses ahead of deadline for possible April 14, 1902: James Cash Penney, along with two partners, opens the 25-foot by 40-foot Golden Rule Store in the mining town of Kemmerer, Wyoming. In November 2007, the company launched a new public website, JCPenneyBrands.com, which covers the company's private and exclusive brands and its branding strategy, as well as a preview of an upcoming product line. Earnings rebounded as a result, rising from $4.11 per share in 1987 to $5.92 in 1988 from total sales of $14.8 billion. Here are 7 other high-profile departures in recent years. In eight states, customers could order from the catalog from inside JCPenney stores; a Milwaukee distribution center supplied the goods. 1990: The company slogan becomes Where Fashion Comes to Life. A study shows that 70% of JCPenneys customers are female. J.C. Penney Company, Inc. -- Company History [citation needed] Currently, Seattle's Best Coffee is still expanding caf locations within J. C. Penney locations across the country. J. C. Penney planned to put "mini-Martha Stewart shops" in many of its stores in 2013, as well as create a website with Martha Stewart Living. Although as a result of the acquisition, Rite Aid now accepts J. C. Penney credit cards, even at Rite Aid locations that existed before the acquisition of Eckerd. JCPenney now operates 354 full-line department stores, 1,289 soft goods stores, 31 Treasury discount stores, and 255 drug stores. [52] In June, Michael Francis (company president) left J. C. Penney after only eight months as president. 2017: In order to pay off part of its debt load, JCPenney sells its Plano, Texas headquarters campus for $353 million. J. C. Penney replaced Aropostale from the S&P MidCap 400 Index. [106][107][108][109][110] Since the initial filing, rumors of potential buyers included Amazon, Sycamore Partners, and a group consisting of Authentic Brands (Forever 21, Aeropostale, Barneys), and mall owners Simon Property Group and Brookfield Properties. The company also broke ground for its new corporate headquarters in Plano, Texas, just north of Dallas; winnowed its stores down to 1,328 by closing underperforming outlets; and moved away from some of its private labels, focusing instead on major brand names like Haggar, Healthtex, Jockey, Levi Strauss & Company, Maidenform, Ocean Pacific, Oshkosh, Reebok, Van Heusen, and Warner's. - Focused Penney on home appliances, but shares plunged. It would take almost a decade to achieve the goals outlined in the JCPenney stores positioning statement, issued in 1982. [32][33], In early 2001, J. C. Penney closed 44 under-performing stores. a former C.E.O. Eckerd operates 2,699 stores in 23 states. [122], In June 2008, an ad called "Speed Dressing" emerged ending with the J. C. Penney logo and slogan "Every Day Matters". 1998: JCPenney joins the internet shopping era with jcpenney.com. JCPenney's stock plunged from a high of $51 a share to $17. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter. In 1989 JCPenney was named the U.S.'s exclusive distributor for Olympic apparel, sold its JCPenney Casualty Insurance Company, and debuted the JCPenney Television Shopping Channel. SAN BRUNO, CALIFORNIA - MAY 15: The parking lot in, front of a JCPenney store at The Shops at Tanforan Mall on May 15, 2020 in San Bruno, California. Also that year, Thrift Drug began co-locating stores with Weis Markets, and acquired many former Pantry Pride properties. After only four years as chairman, Earl Sams died in 1950. Belle Isle, Ramona, Honor Brand, and Nation Wide were private label names for piece goods, and Big Mac, Waverly, and Lady Lyke were labels on work shirts, men's caps, and lingerie, respectively. 18. Based on our data team's research, Marc N. Rosen is the JCPenney's CEO. 1999: Penneys performs below expectations at its department store and catalog businesses. JCPenney employs 267,000 associates. J. C. Penney logo,[127] originally used from 1971 to 2011 and again from 2013 to 2019. JCPenney was different from many of its competitors with its late entry into the catalog mail-order business. Atlanta was only the beginning. (Reuters) - J.C. Penney Co Inc JCP.N late last year tapped Jill Soltau as chief executive officer to stem the decline in sales, the fifth leadership change at the department store operator in 15 years. In 1929 the company was listed on the New York Stock Exchange. In early May, Sephora threatens to terminate its agreement and pull out of JCPenney stores. Gensch comes from Sprouts Farmers Market where he was their CCO. In April 1987, the company announced that it was moving its headquarters to Plano, Texas. In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. Before this point, JCPenney carried rifles and shotguns branded as JCPenney but produced by numerous established firearms manufacturers. [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. Generating $260million from the sale as it discontinues its operations with Renner and its Latin American footholds as well.[36][37]. [68], On January 15, 2014, J. C. Penney announced it was closing 33 under-performing stores and laying off 2,000 employees. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. The company issued its first JCPenney card and instituted other changes as a result of the study, including the introduction of major appliances, home electronics, furniture, and sporting goods. JCPenney CEO Marc Rosen Chief Executive Officer Phone Email See Profile Key Employees of JCPenney Stephanie Plaines Chief Financial Officer Phone Email John Aylward Chief Marketing Officer Phone Email Andre Joyner Senior VP & Chief Human Resources Officer Phone Email Sharmeelee Bala Senior VP & Chief Information Officer Phone Email James DePaul It abandons its cash-only trading policy and establishes a credit operation. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney didn't want to accept mining company scrip or credit. 1980: Inflation and high interest rates severely impact JCPenneys earnings. JCPenney's New Owners Begin Search for CEO to Replace Jill Soltau