- Focused Penney on home appliances, but shares plunged. I write about department stores; past and present. The company has had four different CEOs in the past 10 years. Privacy Policy. [42][43] An additional seven stores, two call center facilities, and one customer decorating facility would also be closed. The company also introduced a communications system for broadcasting directly to its stores using satellite transmissions from headquarters. 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. The company lowered its earnings forecast for the year to 13 cents per share at best, and said it could lose as much as 7 cents. From Its Beginnings To Bankruptcy, A Historical Timeline Of JCPenney Popular store brands are reduced or eliminated. (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 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. But now, he's back. Callahan soon promoted young Penney to his Evanston, Wyoming, store to work with one of his partners, Guy Johnson. Oct 26, 2021. 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. JCPenney names Marc Rosen as new CEO - Dallas Business Journal [54], In August, J. C. Penney began rolling out a store-within-a-stores with different jean brands and had plans to eventually roll out 100 shops in 683 stores. In 2005, J. C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time. For the past ten years JCPenney JCP 0.0% has cycled through four presidents and four different retail strategies all without much success or continuity. [89] On February 28, J. C. Penney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores. Jan 13, 2022. by George Anderson. - Introduced successful Sephora cosmetics shop-within-shop concept. By then, sales had grown to $10.8 billion, the women's fashion program was introduced in new markets, and a home furnishings line was added. The ad was criticized for seeming to promote teen sex. Although she didn't mastermind the Dallas-based retailer's remarkable. JCPenney locations that are listed on the National Register of Historic Places (NRHP): This article is about the department store chain. JCPenney now operates 354 full-line department stores, 1,289 soft goods stores, 31 Treasury discount stores, and 255 drug stores. Ullman then served as chairman of the board of directors, but was relieved of his duties in January 2013. By the end of 1986, there were 1,482 JCPenney stores dotting the country, about to undergo a major change. J. C. Penney logo used from 2012 until 2013[128], Beginning with the Marathon Hats line, JCPenney has introduced multiple private brands, partially in response to suppliers denying access to expected inventories.[129][130]. Unfortunately, Fridays filing wasnt entirely unexpected. [52] In June, Michael Francis (company president) left J. C. Penney after only eight months as president. [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. Developing fears of COVID-19 create anxiety within the corporate headquarters, in addition to shoppers. 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. In early May, Sephora threatens to terminate its agreement and pull out of JCPenney stores. Walton later founded retailer Walmart in 1962. Annual sales total $2,800. 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. 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. JCPenney CEO and Executives. [18] The Honolulu store was located at Ala Moana Center, and closed in 2003, along with all remaining locations in the state, making Hawaii the only U.S. state to not currently have a JCPenney store. In the fall of 2011, Ron Johnson was appointed not just as CEO of JC Penney, but as the savior responsible for breathing new life into one of the dowdiest dinosaurs in American retail. [27][28] Then in November 1996 they acquired the Eckerd chain. Those stores expanded the lines of merchandise and services that an average J. C. Penney carried to include appliances, sporting goods, tools, garden\lawn merchandise, restaurants, beauty salons, portrait studios, auto parts, and auto centers. On May 22, J. C. Penney announced the resignation of their CEO, Marvin Ellison. After Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted stores permanently closed. 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. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter. [94], On March 15, 2020 when businesses were ordered to temporarily close in many States, the chain closed all of its stores and furloughed its employees. Everything these days seems all up in the air. List is made up of a variety of people, including Sam Walton and Allen I. Questrom. At the same time, Batten became the company's fourth chairman and beauty salons, portrait studios, food facilities, and auto service centers were added to full-line stores. On May 1, J. C. Penney announced a limited number of stores would reopen. [14] By 1917, the company operated 175 stores in 22 states in the United States. CEO Ron Johnson, who began his tenure in November 2011, tries to develop Americas favorite store by creating a specialty department store experience. The executive leadership understands the risks but goes forward with the plan. Sales decline 24%. Penncraft Tools A short-lived line of tools intended to compete with, This page was last edited on 19 April 2023, at 03:36. Alternate J. C. Penney logo used on a few stores, used from 2011 until 2012. Shoppers at regional malls were there to buy clothes and accessories, not washing machines and paint, and JCPenney was poised to take better advantage of these spending habits. [46], On December 7, 2011, J. C. Penney purchased 16.6% of Martha Stewart Living Omnimedia stock. ", "JCPenney Store Closings JCPenney Company Blog", "JCPenney will close nearly 30% of its stores as part of its bankruptcy plan", "J.C. Penney liquidation sales at 136 closing stores underway with discounts up to 40% off", "13 more J.C. Penney store closings revealed: Department store continues bankruptcy store closures", "Forever 21 Bailout Team May Rescue JCPenney", "Bankrupt JCPenney, Sycamore Partners in acquisition talks: Report", "As Reports Swirl, What Could Amazon Want From JCPenney? [21] However, the company was hard hit by the 1974 recession with its stock price declining by two-thirds. For its founder, see, Acquisitions and international expansion: 1990s, Locations listed on the National Register of Historic Places. As a fifth distribution center was added in 1979, in Reno, Nevada, the catalog service went nationwide. Thrift Drug celebrated its 50th anniversary in 1985; JCPenney's total year-end sales hit $13.6 billion. [124][125] In addition, low-margin goods were preventing the company from making its profit potential. The first store, which opened April 14, 1902, was located in Kemmerer, Wyoming. JCPenney: Employee Directory | ZoomInfo.com For the first time in our nation's history, Executive Order 12898 recognized and sought to address what community members and leaders had been saying for decades: harmful pollution . 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. During the next several years, the company's growth was explosive. JCPenney now operates 354 full-line department stores, 1,289 soft goods stores, 31 Treasury discount stores, and 255 drug stores. 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. Penneys enters the Belgium market and purchases a sizable interest in the retailer, Sarma, S.A. JCPenney employs 267,000 associates. In 1907 Callahan and Johnson dissolved their partnership, and Penney bought them out, taking over three stores. Stock Symbol NYSE: JCP JCPenney Executive Team & Key Decision Makers Show Me More Executives In 1995 the chain expanded to Chile with a store in the capital, Santiago. The company sells the Sarma-Penney firm in 1987. JC Penney - CompaniesHistory.com Its unsustainable debt load, compounded by COVID-19, just pushed it over the edge. In recent years, JCP has opened stores in power centers, as well as stand-alone stores, sometimes adjacent to competitors. "[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". St. James Press, 1997. Web. [85][86] She has also brought new talent and has cleaned out inventory. The Golden Rule Store expands to 3 stores with annual sales of $166,313. This lost decade signals that . [70], In January 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off 2,250 employees. J.C. Penney | History & Facts | Britannica 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. The former CEO and chairman at JCPenney, Myron E. 'Mike' Ullman III, came in at sixth place. This year also found Oesterreicher promoted to vice chairman and CEO, W. Barger Tygart named president, and Howell in his 11th year as chairman. By Brittain Ladd 06/10/19 3:45pm Former J.C. Penney CEO Ron Johnson. [83] Sales fell 4%, also missing estimates. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. 1980: Inflation and high interest rates severely impact JCPenneys earnings. The jcpenney.com website becomes the largest online retailer of apparel and home furnishings. Principal Subsidiaries: JCPenney Collections Stores; JCPenney Home Stores; JCPenney Life Insurance Co.; JCPenney National Bank; JCPenney Specialty Stores; Thrift Drug Inc. 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. - In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc LOW.N. Since taking the reins as CEO and chairman of JC Penney last November, former Levi Strauss & Co. and Walmart exec Marc Rosen has been busy building out his C-Suite. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. Why JCPenney's New President Has A Tough Road Ahead - Forbes - Eliminated Penneys catalog. In May 2020, JCPenney filed for Chapter 11 bankruptcy protection and, in September 2020, Brookfield Asset Management and Simon Property Group agreed to purchase the company for around $800million in cash and debt. The advent and strong growth of the specialty apparel store also meant tough competition for JCPenney. In 1996 the company moved in several directions to regain the footing lost in 1995: allocated $2.1 billion in capital expenditures over the next three years to open 100 new domestic stores and refurbish 500; expanded its international presence through varied licensing agreements; and announced plans to acquire the Eckerd drugstore chain for a combination of cash ($1.3 billion) and stock. JCPenney CEO Marc Rosen at the retailer's Stonebriar Centre location in Frisco, Texas. Chip Somodevilla/Getty Images. to address Penney's falling sales, where he was credited for revitalizing the home improvement chain. 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. In 1962, J. C. Penney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury stores. [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. 65% of the management team is White. Part of this land was sold to where the current Toyota North America HQ is now located. The line generates much publicity but ultimately damages the reputation of Halstons couture business. In 1983 Howell, who most recently held a vice chairmanship (along with David R. Gill, who'd started with the company back in 1953), was elected the sixth chairman of the board, and David Miller was named president. JC Penney interim CEO sees green shoots as retailer plots turnaround - CNBC Shashoua, who also serves as chief investment officer of . 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. "Penney . [13] Penney opened the store on April 14, 1902. 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. Copyright (c) 2022 Company-Histories.com. Annual. Carlson had signed off of Friday's show by wishing viewers the "best weekend" and telling them he'd be back on Monday. Strategic choices made by Johnson a year earlier, including the change in pricing strategy, were being called into question. 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 . The company's managers and executives, who had equity in individual stores they ran or oversaw, traded their ownership for a stake in the company as a whole. The ad won a prize at the Cannes Lions International Advertising Festival. JCPenney CEO's of the past and present have taken very different approaches to solving this problem and that will be discussed throughout this paper. He later said during a conference that Penney should have stuck with his overall strategy, according to Fortune magazine. The entrance to Little Rock's University Mall. Yet regardless of JCPenney's retail store performance, its lesser known businesses, comprised of its drugstore chain, insurance, and banking services divisions, scored rather well for the year. The cash-only business consists of 773 stores and sales of $115 million. JCPenney appoints Katie Mullen chief customer officer Michael Kramer, JCPenney's chief operating officer, came in . 1963: On August 15, Penneys opens its first full-line department store, located at the King of Prussia Plaza in suburban Philadelphia. J. C. Penney's stock rose 5.9% on Johnson's comments at the analyst meeting, the largest single-day stock increase since late January 2012. JCPenney eventually loses the court battle. Annual sales exceed $10 billion. Merchandise buyers from the home office could show store managers, salespeople, and local buyers what merchandise was available, and the local employees could help select what goods would likely sell in their stores. [41], On January 24, 2011, J. C. Penney closed down its catalog business which had been operating 1963, with this the 19 catalog outlet stores also closed down. 1974: In addition to shopping mall expansions, JCPenney establishes a plan to build smaller retail stores in less urban areas. ", "J C Penney Financial Statements 2005-2018 | JCP | MacroTrends", "Teen Sex Ad Not Actually From JC Penney", "The Marketing Doctor Says: J. C. Penney Must Seize This Great Marketing Opportunity", "Why Has JCPenney Been Restoring Its Private Brands? Hale. The so-called "mother store", in Kemmerer, opened as the chain's second location in 1904. In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. Penney put in three years as a salesman, and Callahan and Johnson decided to make him a manager and partner. These lines provided $1.5 billion in annual sales, but were keeping the company from positioning itself as a true department store. [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. Penney establishes a line of large discount department stores named Treasure Island in the Upper Midwest. This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. 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. In 1995 JCPenney's recovery lost its momentum, falling short of both its own and analysts' expectations. A fourth catalog distribution center, in Lenexa, Kansas, was added in 1978. [21], JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. 1907: James Cash Penney buys out his original partners and assumes sole control of the business. It would take almost a decade to achieve the goals outlined in the JCPenney stores positioning statement, issued in 1982. 2016: JCPenney reports $4.8 billion of long-term highly leveraged debt. The company also sells its auto center business. 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. 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. Also in 1983, it began selling goods online through the Viewtron videotex service. The company opens a trial store in Santiago, Chile. Penney's logo used from 1963 to 1971 but still on stores until the 80's. In the early 21st century the company operated more than 800 stores in the United States and Puerto Rico. Ron Johnson (2011-2013) - The pioneer of Apple Inc retail outlets launched expensive. Sales were down 28.4% from a year earlier and same store sales were down 32%. [122], In June 2008, an ad called "Speed Dressing" emerged ending with the J. C. Penney logo and slogan "Every Day Matters". (Photo by Justin Sullivan/Getty Images), In 1961, James Cash Penney compares pictures of. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. [56] In 2012, fourth quarter sales for J. C. Penney were poor. In 1946 Earl Sams was promoted to chairman, with Penney as honorary chairman, and Albert Hughes, a former Utah store manager, was elevated to the presidency. She previously served as the Plano company's chief digital officer and . Why JCPenney's Lost Decade Jeopardizes Its Future - Forbes He was 26 years old and had grown up on a farm near Hamilton, Missouri. [19] That year, the company adopted the JCPenney style in advertising. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. 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. JCPenney CEO And Leadership: Executives and Demographics Activist investor William Ackman called the company mismanaged under his tenure. 1990: The company slogan becomes Where Fashion Comes to Life. A study shows that 70% of JCPenneys customers are female. Mike Ullman, the retailer's former CEO, was announced as his replacement shortly afterwards. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. - Stopped selling major appliances, including refrigerators and washing machines, and started revamping store layouts to focus on apparel as part of a turnaround attempt that she has emphasized will take time. The company operated in-store catalog desks in eight states. During World War II, the company sold a record number of war bonds through its stores. Future discount stores are renamed Treasury and become one-stop shopping centers, from general merchandise to food departments. 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]. In July 2009, new additions were made to the J. C. Penney young men's department, including an expansion of its private brand Decree (previously exclusively a juniors clothing line) and the introduction of more skate/surf-oriented clothing, including Rusty, RS by Ryan Sheckler and 3rd Rail. The 25th anniversary was celebrated in 1927, and founder James Cash Penney declared that the company had a good shot at achieving sales of $1 billion by its 50th anniversary in 1952. [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. Penney sales and market value reached all-time highs. [citation needed]At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. [26] After several years of development, the JCPenney Television Shopping Channel appeared on cable systems beginning in 1989. The company proceeds with a new off mall store format for future expansions. This store was located at Black Horse Pike Center in Audubon, New Jersey. 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. JCPenney's New Owners Begin Search for CEO to Replace Jill Soltau JCPenney's continued concentration on women--who accounted for 80 percent of apparel sales and on whose behalf each store now allocated up to 41 percent of its space--was paying off. JCPenney Home Stores stores that sold linens & home decor. [32][33], In early 2001, J. C. Penney closed 44 under-performing stores. (Kerr Drug stores in The Carolinas remained branded as such because they were part of a group of stores that were divested because of trade competition issues raised during the merger. Penney became chairman of the board in 1917, when the company had 175 stores, and Earl Sams became president. JCPenney sells Renner in 2005. [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. In 1914, Penney relocates the headquarters to New York City in order to be closer to the countrys main garment district. Treasury drug stores A chain of stand alone drug stores that were also branded with the Treasury nameplate. JCPenney gives executives bonuses ahead of deadline for possible In 1962 JCPenney got into the mail-order business for the first time by buying General Merchandise Company, a Wisconsin firm with a discount store operation as well.
list of past jcpenney ceos