Wheaton, MD Department Store | Clothing & Shoes | JCPenney (2024)

FAQs

What was JCPenney's original name? ›

JCPenney was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney. The first store, named The Golden Rule, set the standard by which we have operated for over a century – to treat others as we would like to be treated.

There are 660 JCPenney stores in the United States as of July 11, 2024. The state and territory with the most number of JCPenney locations in the US is Texas, with 73 stores, which is about 11% of all JCPenney stores in the US.

During bankruptcy, JCPenney closed more than 200 stores and restructured its debt. In late 2020, Simon Property Group (SPG) and Brookfield Asset Management (BAM)—two of the nation's largest property owners—purchased the company for $800 million. At the time of the bankruptcy, JCPenney held $4 billion in debt.

According to a financial filing with the SEC, JCPenney reported a significant decline in net sales and total revenue during the third quarter of fiscal 2023. Net sales dropped by 10.7% to $1.5 billion, while total revenue fell by 11.1% to $1.6 billion compared to the same period in 2022.

J.C. Penney's competitors

Kohl's is a company that operates a chain of family-oriented department stores. Macy's is a retail company that sells apparel, accessories, cosmetics, home furnishings, and other consumer goods. Target is a general merchandise retailer selling products through stores and digital channels.

born: Sept. 16, 1875, Hamilton, Mo., U.S.

The very first JC Penney store opened in Kemmerer, WY in 1902, marking the beginning of a retail legacy!

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.

All four closing JCPenney locations are staples in the malls in which they are housed. Three will close sometime before September 22, 2024, with a fourth shutting its doors on an undetermined date in 2025, according to what a spokesperson for JCPenney told Retail Dive.

Today, reports confirm that Shaq is the second-largest individual to own shares in Authentic Brand Group, which owns JCPenney, Forever 21, and, ironically, Reebok. While he may sell a hefty million shoes per month, O'Neal is no stranger to using the fortune he's amassed to help others.

What caused the downfall of JCPenney? ›

High Debt Levels: JCPenney carried a significant amount of debt, which limited its ability to invest in growth initiatives and respond to changing market conditions. Lack of Innovation: The company failed to innovate and differentiate itself from competitors, leading to a decline in relevance among consumers.

J.C. Penney unveils fierce comeback plan

Three years later, it revealed an ambitious $1 billion comeback plan, promising store remodels, upgraded technology, and improved operations by 2025. And in April, J.C. Penney shared one such part of the plan, which focuses on the customer-facing portion of the business.

Another critical weakness was the failure to adapt to changing consumer preferences and technology. While other successful retailers were investing in e-commerce platforms and enhancing their digital presence, JCPenney lagged behind.

In May of 2020, soon after the Covid-19 pandemic began and JCPenney was forced to close stores temporarily, the company filed for bankruptcy after 118 years in business. At the time, JCPenney had more than 800 stores and 85,000 employees.

JCPenney is spending $1 billion on store and online upgrades in latest bid to revive its business. Shoppers pass a J.C. Penney store in New York. JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.

James Cash Penney's original store was called Golden Rule, because he believed people should be treated as he would like to be treated himself. Later, when he opened more stores and incorporated, the name was changed to JCPenney.

On September 9, 2020, Brookfield Property Partners and Simon Property Group agreed to purchase JCPenney for about $800 million, including $300 million in cash and assuming $500 million of debt, which was later approved by the court on November 10, 2020.

JCPenney was founded in 1902 with one simple rule – to treat others as we would like to be treated. The Golden Rule was the name of our first store in Kemmerer, Wyoming, and it set the standard by which we have operated for more than 119 years.

JCPenney has struggled with financial issues for years, including declining sales and mounting debt. These financial issues made it difficult for the company to invest in its stores and compete with other retailers.