JC Penney

JC Penney was founded in 1902 by James Cash Penney in Kemmerer, Wyoming, as a dry goods store called The Golden Rule, built on a cash-only, fixed-price retail model.

At its peak the chain operated over 1,100 department stores across the United States, serving millions of middle-income American shoppers annually with apparel, home goods, and jewelry.

Headquartered in Plano, Texas, JC Penney emerged from its second bankruptcy in 2020 and operates today as a private company.

About JC Penney

SectorConsumer Discretionary
IndustryDepartment Store Retail
CEOMarc Rosen
Websitejcpenney.com
HeadquartersPlano, TX, USA
Founded1902
StatusPrivate (Simon Property Group / Brookfield)

JC Penney Founders

James Cash Penney Founder & First President (1902)
William Henry McManus Co-Founder & Early Business Partner
Thomas Callahan Co-Founder & Early Business Partner

JC Penney History

  • 1902
    James Cash Penney opens The Golden Rule store in Kemmerer, Wyoming, selling dry goods at fixed prices with a cash-only policy.
  • 1913
    The company reincorporates as J. C. Penney Company, Inc. and moves its headquarters to New York City, accelerating national retail expansion.
  • 1971
    JC Penney lists on the New York Stock Exchange, raising capital to fund its transition from soft goods into full department store retail.
  • 2013
    A failed rebranding under CEO Ron Johnson eliminates sales and coupons, causing revenue to collapse by $4 billion in a single year.
  • 2020
    JC Penney files for Chapter 11 bankruptcy during the COVID-19 pandemic and is acquired by Simon Property Group and Brookfield Asset Management.

FAQs

  • Who owns JC Penney?
    JC Penney is jointly owned by Simon Property Group and Brookfield Asset Management, which acquired the retailer out of bankruptcy in December 2020. It is no longer publicly traded and operates as a private company.
  • When did JC Penney come out?
    JC Penney was founded on April 14, 1902, by James Cash Penney in Kemmerer, Wyoming, as The Golden Rule store. It was incorporated as J. C. Penney Company in 1913 and listed on the NYSE in 1971.
  • Is JC Penney an American company?
    Yes. JC Penney is an American department store chain founded in 1902 in Kemmerer, Wyoming, and headquartered in Plano, Texas. It has operated exclusively in the United States throughout its history.
  • Who made the JC Penney logo?
    JC Penney's logo has evolved several times over its 120-year history. The current red square JCP logo was introduced in 2011 during Ron Johnson's tenure and was retained after the rebranding attempt failed in 2013.