his first store (left) with the new Hammond, Indiana, store. JCPenney CEO Vanessa Castagna ranked No. The company discontinues its major appliances department after only 3 years. [90] On March 26, J. C. Penney announced the hiring of Bill Wofford as chief financial officer. 2012: JCPenney dramatically changes its structure. In an unusual corporate move, J. C. Penney resumed the chairmanship instead of promoting Albert Hughes. Much of the big decrease was because of a $190billion debt replace. Everyone, by now, from consumers to analysts, took note of JCPenney's extraordinary turnaround. [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. Carlson had signed off of Friday's show by wishing viewers the "best weekend" and telling them he'd be back on Monday. JCPenney store, as seen in May 2007, reflects the old Penney's signage. Although she didn't mastermind the Dallas-based retailer's remarkable. Annual sales exceed $10 billion. Stanley Shashoua, Simon's chief investment Sales were down 28.4% from a year earlier and same store sales were down 32%. The former included Zonz, an Arizona offshoot for teens, and new additions to its menswear collection; the latter concerned a joint venture with the Coffee Group of Costa Mesa to install "JC Java" coffee bars in 800 of its stores, beginning with a handful in Orange Country, California in the fall of 1997. 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. While the company responded to a shaky economy and adjusted its retail businesses accordingly, its insurance division far outshined other operations with a pre-tax income surge of 44 percent from 1990's $55 million to $79 million in 1991. A fourth catalog distribution center, in Lenexa, Kansas, was added in 1978. Treasury Drug stores became Eckerd which JCPenney also owned. Oesterreicher and his management team certainly hoped so, because after all--JCPenney was supposed to be "Doing it Right.". It was the largest J. C. Penney until a 300,000-square-foot (28,000m2) store was dedicated at Greater Chicago's Woodfield Mall in 1971. Michael Kramer, JCPenney's chief operating officer, came in . 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. The company operated in-store catalog desks in eight states. - After sales fell 25%, Johnson conceded that his plan to abandon coupons and sales events was a mistake. With over 1,200 stores in all 50 states as well as Puerto Rico, Mexico, and Chile, J.C. Penney Company, Inc. (JCPenney) is the largest department-store retailer and catalog merchant in the United States, with licensing agreements for its products throughout the world. But the old problems that have faced Penney and other mall-based . From 1999 to 2000, he was the chairman, president and CEO of Barneys New York, and finally worked with J.C. Penney Company in 2000 as the chairman and CEO. JCPenney Home Stores stores that sold linens & home decor. After J. C. Penney sold off Eckerd in 2004, the locations that continued to operate as Eckerd (some locations in the Southern U.S. were sold to CVS Corporation) still had J. C. Penney Catalog Centers inside the stores (which was a carryover from locations that were once Thrift Drug) and also continued to accept J. C. Penney credit cards. Please help update this article to reflect recent events or newly available information. Also in 1983, it began selling goods online through the Viewtron videotex service. Another proprietary brand, the Original Arizona Jean Company (begun in 1990), soared in earnings to $400 million from the previous year's $90 million. [38] J.C.Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some J.C.Penney locations. [13] He participated in the creation of two more stores and purchased full interest in all three locations when Callahan and Johnson dissolved their partnership in 1907. After only four years as chairman, Earl Sams died in 1950. the locations that continued to operate as Eckerd, Cannes Lions International Advertising Festival, J. C. Penney-Chicago Store (Tucson, Arizona), J. C. Penney Company Building (Shoshone, Idaho), J. C. Penney Co. On January 1, Stanley Shashoua, Simon Property Group's chief investment Officer, will become JCPenney's. [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. Customers liked them because of controlled quality and cheaper prices than brand names; Penney liked them because he could control the price and make a higher profit margin. For its founder, see, Acquisitions and international expansion: 1990s, Locations listed on the National Register of Historic Places. JCPenney's new owners, Simon Property Group and Brookefield Asset Management, which purchased the ailing retailer after it filed for bankruptcy in May, have launched a search for a new CEO to replace Soltau. Marc Rosen is pulling together a leadership team at JCPenney with a vision of doing nothing less than transforming the legacy retailer. [84] The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue. JCPenney CEO and Executives. Shashoua, who also serves as chief investment officer of . - The pioneer of Apple Inc retail outlets launched expensive renovations of Penney stores and eliminated coupons. The second full-line shopping center store was dedicated, at King of Prussia Plaza in King of Prussia, Pennsylvania in late 1962. [46], On December 7, 2011, J. C. Penney purchased 16.6% of Martha Stewart Living Omnimedia stock. A hip redesign of the Plain Pockets line, Arizona quickly eclipsed JCPenney's expectations, prompting a slew of additional designs in different sizes and colors. By the end of 1986, there were 1,482 JCPenney stores dotting the country, about to undergo a major change. J. C. Penney denied that the ad was theirs and their advertising agency Saatchi & Saatchi reported that it had been created by a third-party vendor. 1996: Penney acquires the Eckerd Drug Corporation. Between 1995 and 1998, JCPenney entered Indonesia under partnership with Lippo Group (under their Multipolar investment arm) with the branding JCPenney Collections, also used by multiple international JCPenney branches across Asia during the decade. [76] In February, J. C. Penney announced that it would shutter two distribution centers and up to 140 under-performing stores as it wrestled with disappointing sales. Returned as CEO in 2013 after J.C. Penney suffered a tumultuous two years under replacement Ron Johnson. Callahan soon promoted young Penney to his Evanston, Wyoming, store to work with one of his partners, Guy Johnson. JCPenney has a new CEO. Eckerd operates 2,699 stores in 23 states. Tucker Carlson. JCPenney CEO Marc Rosen at the retailer's Stonebriar Centre location in Frisco, Texas. 1971: Founder James Cash Penney passes away at age 95. In a regulatory filing, it was disclosed that J.C. Penny CEO Jill Soltau received a $4.5 million bonus. 2002: Penney celebrates its 100th year. Warehouse Building (St. Louis, Missouri), "J.C. Penney is moving back into its former Plano headquarters", "2010 Form 10-K, J. C. Penney Company, Inc", "Boardroom Battle at J.C. Penney Over CEO", "J. C. Penney 2011 Annual Report, Form 10-K, Filing Date March 28, 2012", "SEC: 2019 Form 10-K J. C. Penney Company, Inc", "JCPenney Department Store Locations, Directions & Hours", "JCPenney closing more stores after bankruptcy. The company closed the Treasury discount stores in 1980 because they were unprofitable and decided to focus resources on its JCPenney stores. Penney's instinct proved correct; the store had $28,898 in sales its first year. 2009: After 46 years, Penneys discontinues its popular catalog, along with its large network of Outlet Stores. [97] After 91 years, it was delisted from the New York Stock Exchange on May 18, 2020, and became listed in OTC Pink. JC Penney left Chile in 1999, after five years in the country it closed down its home store and sold its main store in Santiago to Almacenes Paris. Marc Rosen will take the helm at J.C. Penney Co. as the retailer continues to try to stabilize its business. Macys files a lawsuit against Penneys for illegally obtaining a merchandising agreement with the Martha Stewart brand. 1977: This is JCPenney becomes the company slogan. A year before its 50th anniversary, the company reached its goal of $1 billion in sales. Penney sales and market value reached all-time highs. The company has been an Internet retailer since 1998, and it has streamlined its catalog and distribution while undergoing renovation improvements at store level. The Penney Building in Anchorage partially collapsed and was damaged beyond repair in the 1964 Alaska earthquake. The company also began accepting American Express cards. J. C. Penney finished the quarter with just $181million in cash, down from $363million a year ago. In 1984, JCPenney acquired the First National Bank of Harrington, Delaware and renamed it J. C. Penney National Bank. The next year, Hughes became chairman and Batten became president. 2004: The company sells its Eckerd Drug division and retires $1.7 billion in long-term debt. Age: Dec. at 95 (1875-1971) Joanne L Bober Ken C. Hicks Ken C. Hicks is the CEO of Foot Locker. to address Penney's falling sales, where he was credited for revitalizing the home improvement chain. - Focused Penney on home appliances, but shares plunged. Space inside the HQ building has been subleased. [13] Penney opened the store on April 14, 1902. In 1907 Callahan and Johnson dissolved their partnership, and Penney bought them out, taking over three stores. The Penney catalog makes its official debut. In 1954 Penney created the James C. Penney Foundation (its predecessor, the J.C. Penney Foundation, went under during the Depression) to continue his philanthropy, and in 1957 he served as a charter member of the Distributive Education Clubs of America, helped create the Junior Achievement Clubs, and endowed a chair at Westminster College. [34] In 2003, the company opened three stores in strip centers in Texas, Minnesota and Indiana. JCPenney reenters the major appliance business. [citation needed] The company also sold its six Mexico stores to Grupo Carso, which rebranded five of the stores as Dorian's and the other one as Sears Mexico. [102][103] As of June 2021, there have been a total of 175 store closures. 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. 1927: Penneys celebrates its 25th anniversary. The company has had four different CEOs in the past 10 years. [122], In June 2008, an ad called "Speed Dressing" emerged ending with the J. C. Penney logo and slogan "Every Day Matters". [80][81], In 2018, J. C. Penney closed permanently at Plaza Palma Real in Humacao, Puerto Rico, after Hurricane Maria devastated the store in September 2017. The launch, which was accompanied by an ad campaign during the 80th Academy Awards, was the company's largest private brand launch. - Ullman said sales and market value results spoke for themselves. Key Points. (Photo by Justin Sullivan/Getty Images), In 1961, James Cash Penney compares pictures of. Although the retailer denied any involvement, it fired its search engine consulting firm, SearchDex. The much-celebrated store is designed to compete reputation-wise with the Macys Herald Square flagship. [100] On July 7, 2020, J. C. Penney announced that they would close two stores in New York City; one at the Manhattan Mall, which was closed immediately and the Kings Plaza store in Brooklyn, which closed on Sunday, September 27, 2020. Further, James E. Oesterreicher was named president and Gill retired after 39 years with the company. Here are further demographic highlights of the leadership team: The JCPenney executive team is 33% female and 67% male. 2017: In order to pay off part of its debt load, JCPenney sells its Plano, Texas headquarters campus for $353 million. J.C. Penney Company, Inc. views 3,475,015 updated May 21 2018 J.C. Penney Company, Inc. 6501 Legacy Drive Piano, Texas 75024-3698 U.S.A. Telephone: (972) 431-1000 Toll Free: (800) 953-9421 Fax: (972) 431-1362 Web sites: http://www.jcpenney.net ; http://www.jcpenney.com Public Company Incorporated: 1913 Employees: 267,000 [95][96] Days earlier, it was reported in a regulatory filing that J. C. Penney would give bonuses totaling nearly $10million to the company's senior managers, which included $4.5million to CEO Jill Soltau. Updated. 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. Penney CEO Jill Soltau, who had been tapped to revive the. Based on our data team's research, Marc N. Rosen is the JCPenney's CEO. Annual. Previous pricing policies and merchandise offerings are slowly reinstated. The repeatedly delayed and over-budget Eglinton Crosstown LRT project is being held up by some 260 quality control issues and there is still no credible timeline for its completion, the CEO of . With over 1,200 stores in all 50 states as well as Puerto Rico, Mexico, and Chile, J.C. Penney Company, Inc. (JCPenney) is the largest department-store retailer and catalog merchant in the United States, with licensing agreements for its products throughout the world. The original Mother Store has remained in operation. With 32 departments, the 152,000-square-foot store is designed to be a prototype for future expansions into larger markets. Penney's logo used from 1963 to 1971 but still on stores until the 80's. In 1914, Penney relocates the headquarters to New York City in order to be closer to the countrys main garment district. - Eliminated Penneys catalog. J.C. Penney and the Terrible Costs of Hiring an Outsider CEO. A sixth catalog distribution center was also opened in 1982, in Manchester, Connecticut. [16][17] The company rebuilt the store as a shorter building on a larger footprint and followed up by building Anchorage's first public parking garage, which opened in 1968. Earnings for 1990 fell to $4.33 per share from overall revenue of nearly $17.4 billion, slowed by the uncertainty over the Persian Gulf and the coming recession. Gensch comes from Sprouts Farmers Market where he was their CCO. [104] On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua. Its big mass merchant competitors, Montgomery Ward and Sears, continued in these lines. However, the business move paved the way for other such high-end designers to sell their products at stores of varying price ranges in the future.[25]. As consumers, we often take for granted all the hard work that goes into building a great company. Before this point, JCPenney carried rifles and shotguns branded as JCPenney but produced by numerous established firearms manufacturers. Armed with a track record of success as the architect of Apple's retail stores alongside Steve Jobs, Johnson loaded up J.C.. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images). Currently, the previous stores are occupied by H&M at Supermal Karawaci and Matahari Department Store at Mal Taman Anggrek respectively. With these officers in place, the company launched a massive reorganization to transform the company from a mass merchant into a national department store. [53] In July 2012, the company announced that it was laying off 350 more workers at its headquarters. 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. In 1990 Miller retired and vice chairman Gill took on the former's responsibilities as COO of JCPenney stores and catalog service. 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. 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. Developing fears of COVID-19 create anxiety within the corporate headquarters, in addition to shoppers. [77] On March 17, J. C. Penney released a list of 138 locations that would close by the end of June. At an analyst meeting in New York the same day, Johnson said, "I'm completely convinced that our transformation is on track." List is made up of a variety of people, including Sam Walton and Allen I. Questrom. He established a central buying and accounting office in Salt Lake City, Utah, in 1909, and had 34 stores with more than $2 million in sales by 1912. 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. Web. This list features past and present top J.C. Penney managers, including both current and retired J.C. Penney executives and alumni. [73][74], In January 2017, J. C. Penney sold its headquarters campus and surrounding land in Plano, Texas to Dreien Opportunity Partners as a leaseback sale to maintain operations at the location. In January 2016, J. C. Penney announced plans to relaunch its business of selling major appliances to target a wave of millennials who are buying first-time homes. Thrift Drug, the 10th largest drugstore chain in the nation with 645 stores in 12 states, had sales of nearly $1.9 billion in '95 (a 20.2 percent increase) and plans for new outlets in North Carolina and New Jersey. J.C. Penney purchases the Milwaukee-based General Merchandise Company and enters the catalog mail order business. I write about department stores; past and present. The company leases back 65% of its previously used space. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. 1980: Inflation and high interest rates severely impact JCPenneys earnings. 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. [87] On December 26, the stock price of J. C. Penney (NYSE: JCP) fell below $1 per share. Web. [citation needed] Currently, Seattle's Best Coffee is still expanding caf locations within J. C. Penney locations across the country. [105], On June 4, 2020, J. C. Penney released a list of 148 stores slated to close starting in late June 2020, with eleven additional store closures announced on June 22 and two additional stores on July 7, with the previously announced store closing locations remaining on hold pending further review, for a planned closing a total of 242 stores. Atlanta was only the beginning. [79], In an effort to capitalize on self-deprecating humor and improve its reputation, J. C. Penney collaborated with Nicole Richie and other designers to open a "Jacques Penne" pop-up shop in Manhattan during the 2017 holiday season. In recent years, JCP has opened stores in power centers, as well as stand-alone stores, sometimes adjacent to competitors. The Penney Building in Anchorage partially collapsed and was damaged beyond repair in the 1964 Alaska earthquake.