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 stores in
49 of the 50 U.S. states (except Hawaii) and Puerto Rico and 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.
J.
C. Penney was founded in 1902 by James Cash Penney and William
Henry McManus. The original name for the store that started Penney in the dry
goods business was Penney's, but was changed to J. C. Penney in 1971 the same year
Penney stepped down as President. 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.
n 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. |
