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A JCPenney Store

JCPenney is a department store chain founded in Kemmerer, Wyoming and currently based in Plano, Texas. JCPenney was founded in 1902. Some JCPenney stores take a Sephora and Seattle's Best Coffee. The concatenation competes with department stores similar Macy's and Kohl's. It operates in 49 of the l states in the U.s.a..

Nearly JCPenney stores are located in suburban shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular during the after half of the 20th century, JCPenney followed the trend by relocating and developing stores to anchor the malls. In more than recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some freestanding stores, including some next door to competitors. Certain stores are located in power centers. The company has been an Net retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.

Daftar Isi

First Half of Twentieth Century [ ]

James Greenbacks Penney was built-in in Hamilton, Missouri. Later on graduating from high school, Penney worked for a local retailer. He relocated to Colorado at the advice of a doctor, hoping that a better climate would amend his health. In 1898, Penney went to work for Thomas Callahan and Guy Johnson, who owned dry goods stores called Gilt Rule stores in Colorado and Wyoming. In 1899, Callahan sent Penney to Evanston, Wyoming, to work with Johnson in another Golden Rule store. Callahan and Johnson asked Penney to join them in opening a new Golden Rule shop. Using money from savings and a loan, Penney joined the partnership and moved with his wife and infant son to Kemmerer, Wyoming, to get-go his own store. Penney opened the store on April 14, 1902. He participated in the creation of 2 more than stores and purchased full interest in all iii locations when Callahan and Johnson dissolved their partnership in 1907. In 1909, Penney moved his company headquarters to Salt Lake Metropolis, Utah to be closer to banks and railroads. By 1912, Penney had 34 stores in the Rocky Mountain States. In 1913, all stores were consolidated under the J. C. Penney banner. The so-chosen "mother store", in Kemmerer, opened as the concatenation'southward 2d location in 1904. It still operates, every bit of 2018, albeit with shorter hours than many other locations, and is airtight on Sundays.

In 1913, the company was incorporated nether the new name, J. C. Penney Company, with William Henry McManus every bit a co-founder. In 1914, the headquarters was moved to New York City to simplify buying, financing, and transportation of appurtenances. Past 1917, the company operated 175 stores in 22 states in the United States. J. C. Penney caused The Crescent Corset Company in 1920, the company's kickoff wholly endemic subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. The company opened its 500th shop in 1924 in Hamilton, Missouri, James Cash Penney'southward hometown. By the opening of the one,000th store in 1928, gross business organisation had reached $190 million (equivalent to $2.86 billion in 2022).

In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. Walton later went on to found future retailer Walmart in 1962. By 1941, J. C. Penney operated one,600 stores in all 48 states. In 1956, J. C. Penney started national advertising with a serial of advertisements in Life magazine. J. C. Penney credit cards were first issued in 1959.

Latter Half of Twentieth Century [ ]

Condign a Full-Line Department Store [ ]

The company defended its get-go full-line, shopping middle department store in 1961. This shop was located at Black Equus caballus Pike Center, in Audubon, New Bailiwick of jersey. The second total-line shopping center store was dedicated, at Male monarch of Prussia Plaza, in King of Prussia, Pennsylvania in late 1962. Those stores expanded the lines of merchandise and services that an boilerplate J. C. Penney carried to include appliances, sporting appurtenances, tools, garden\lawn merchandise, restaurants, dazzler salons, portrait studios, car parts, and auto centers.

In 1962, J. C. Penney entered discount merchandising with the acquisition of General Merchandise Visitor which gave them The Treasury stores. These discount operations proved unsuccessful and were shuttered in 1981. In 1963, J. C. Penney issued its first catalog. The visitor operated in-store catalog desks in viii states. The catalogs were distributed past the Milwaukee Catalog distribution center.

Expansion Beyond Contiguous United States [ ]

In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. The Penney Building in Anchorage partially collapsed and was damaged across repair in the 1964 Alaska earthquake. The company rebuilt the store as a shorter building on a larger footprint and followed up by building Anchorage'south first public parking garage, which opened in 1968.

The Honolulu shop was located at Ala Moana Centre, only was closed along with all Hawaii stores in 2003. The Penney shop at Plaza Las Américas mall in San Juan, Puerto Rico, which opened in 1968, featured three levels and 261,500 square anxiety (24,290 m²). It was the largest J. C. Penney until a 300,000-square-human foot (28,000 1000²) store was dedicated at Greater Chicago's Woodfield Mall in 1971. The Woodfield Mall shop served as the largest in the chain until a replacement shop opened at Plaza Las Américas in 1998, which is 350,000 square feet (33,000 thou²) in size. In 1969, the company caused Thrift Drug, a chain of drugstores headquartered in Pittsburgh, Pennsylvania. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in J. C. Penney stores, The Treasury stores, and Thrift Drug stores.

1970s and the Death of J.C. Penney [ ]

On February 12, 1971, James Greenbacks Penney died at the age of 95; the visitor'due south stores were closed the morning of his funeral on February sixteen. That yr, the company's revenues reached $5 billion (equivalent to $32 billion in 2022) for the outset time and catalog concern made a turn a profit for the kickoff time.

J. C. Penney reached its meridian number of stores in 1973, with 2,053 stores, 300 of which were total-line establishments. However, the visitor was hard hit by the 1974 recession with its stock toll declining past two-thirds. In 1977, J. C. Penney sold its stores in Italy to La Rinascente and also removed its Supermarkets Interstate leased departments. In 1980, the company closed the unprofitable Treasury discount stores to focus resources on its cadre retail stores. In 1978, the J. C. Penney Historic District in Kemmerer, Wyoming, was designated a U.Southward. National Historic Landmark. In 1979, the Visa card began to exist accepted in J. C. Penney stores. MasterCard was accepted the following year.

1980s into the New Millenium [ ]

In 1983, J. C. Penney discontinued its apparatus, hardware, outdoor equipment, and auto heart departments, and as well sold its automotive centers to Firestone. Also in 1983, J. C. Penney began selling online through the Viewtron videotex service. That same year, style designer Roy Halston, signed a vi-year, $1 billion bargain with J. C. Penney to sell a line of affordable wearable, accessories, cosmetics, and perfumes ranging in price from $24 to $200. The move was considered controversial and then as no other high-end designer up to that signal in time had licensed their designs to a mid-toll retailer. The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. However, the business organisation move paved the way for other such high-stop designers to sell their products at stores of varying price ranges in the future. In 1984, J. C. Penney acquired the Starting time National Banking company of Harrington, Delaware and renamed it J. C. Penney National Bank. With the acquisition of the bank, the company became able to upshot its own Mastercard and Visa Inc. cards. The company besides began accepting American Express cards. Also that twelvemonth, Thrift Drug began co-locating stores with Weis Markets, and acquired many erstwhile Pantry Pride properties. In April 1987, the company appear that it was moving its headquarters to Plano, Texas. After several years of development, the JCPenney Television Shopping Aqueduct appeared on cable systems commencement in 1989.^{[citation needed]} By the mid-1980s, all J. C. Penney stores had discontinued sales of firearms. Before this betoken, J. C. Penney carried rifles and shotguns branded equally J. C. Penney simply produced by numerous established firearms manufacturers. In the 80's JCPenney's also stopped selling outdoor equipment and hardware such as lawn mowers and tools.

The visitor headquarters in Plano, Texas broke basis in 1990 and was completed in 1992. When Sears airtight its catalog business in 1993, J. C. Penney became the largest catalog retailer in the U.s.. In 1996, the company expanded its drug store business with the acquisition of Fay'south Drug and Kerr Drug. These acquisitions momentum climaxed with the acquisition of the Eckerd concatenation in Nov. Fay'due south, Kerr, and Eckerd merged into J. C. Penney's drug store subsidiary Thrift Drug. Fay's, most Kerr, and Austerity drug stores were re-branded Eckerd in 1997. (Kerr Drug stores in The Carolinas remained branded equally such because they were part of a group of stores that were divested because of trade competition issues raised during the merger.) On December 9, 1998, The New York Times reported J. C. Penney would acquire decision-making involvement of Lojas Renner for a picayune over $ 33 million, which increased the company's maneuvering power with their already existing units in Chile, Mexico and Puerto Rico. In 1998, J. C. Penney launched its Internet store.^{[citation needed]}

Between 1995 and 1998, J. C. Penney entered Republic of indonesia under partnership with Lippo Group (under their Multipolar investment arm) with the branding JCPenney Collections, also used past multiple international J. C. Penney branches across Asia during the decade. This type of JCPenney store only featured fashion for men, women and kids. During its tenure, J. C. Penney opened two flagship stores: in 1995 on the upper ground level of Lippo Supermal (now Supermal Karawaci), and in 1996 on the upper footing and first level of Mal Taman Anggrek. Aside from the ii, J. C. Penney also opened smaller stores under the JCPenney Collections name in a few malls such as Plaza Blok M. All stores of JCPenney Collections in Indonesia started planning to close down due to 1997 Asian financial crisis – with the JCPenney Collections store in Taman Anggrek closed in December 1997, and the May 1998 riots – with the Lippo Supermal store looted by mass and also exiting the mall that same month (having to close down for a menstruation of time due to harm caused by arson in other sections of the mall). Currently, the previous stores are occupied by H&M at Supermal Karawaci and Metro Department Store at Mal Taman Anggrek respectively.

Operations during 21st century [ ]

2000–2009 [ ]

In early 2001, J. C. Penney airtight 44 nether-performing stores. In 2001, J. C. Penney sold its direct-marketing insurance unit to Dutch insurer Aegon for $1.3 billion (equivalent to $ane.9 billion in 2022) in cash to help refocus the company on retail. In 2003, the company opened three stores in strip centers in Texas, Minnesota and Indiana. The new one-level, 94,000 sq ft (8,700 yard^two) format stores focus on convenience with wider aisles and centralized checkouts. In 2004, the visitor added 14 more stores and exited the drug store division later 35 years, with the sale of its Eckerd division.^{[commendation needed]} The visitor as well sold its vi Mexico stores to Grupo Carso, which rebranded v of the stores as Dorian'south and the other one as Sears Mexico. In 2005, J. C. Penney's e-commerce storefront exceeded the i billion dollar revenue mark for the offset time.^{[commendation needed]}At the aforementioned fourth dimension in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. Generating $260 million from the sale every bit it discontinues its operations with Renner and its Latin American footholds as well

In 2007, J. C. Penney launched the Ambrielle lingerie characterization, which became its largest private brand launched in the visitor'due south history. J. C. Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-shop" inside some J. C. Penney locations. Outset in 2007, J. C. Penney's store slogan changed from "It'south All Inside" to "Every Day Matters." The new slogan and associated advertisement campaign was launched in television commercials during the 79th University Awards in late Feb 2007. After J. C. Penney sold off Eckerd in 2004, the locations that continued to operate as Eckerd (some locations in the Southern U.South. were sold to CVS Corporation) even so had J. C. Penney Catalog Centers inside the stores (which was a carryover from locations that were one time Thrift Drug) and likewise continued to accept J. C. Penney credit cards. Afterwards Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted stores permanently closed. Although as a event of the acquisition, Rite Aid now accepts J. C. Penney credit cards, even at Rite Aid locations that existed before the acquisition of Eckerd. In November 2007, the company launched a new public website, JCPenneyBrands.com, which covers the company's individual and exclusive brands and its branding strategy, also as a preview of an upcoming product line.

In February 2008, the company launched the "American Living" brand, as developed past Ralph Lauren, across several product lines. The launch, which was accompanied past an ad entrada during the 80th University Awards, was the company's largest private brand launch. That summertime, J. C. Penney besides added a new make to its home drove, "Linden Street." The Linden Street brand features a contemporary lifestyle collection of furniture, domestics, and home decor. Linden Street is sold exclusively in J. C. Penney stores and through its website. Other new sectional brands for juniors and young men's were launched that summer. They included a relaunch of Le Tigre, forth with Prescript, and Fabulosity, a junior line of wearable by Kimora Lee Simmons.

In July 2009, new additions were made to the J. C. Penney young men's department, including an expansion of its individual brand Decree (previously exclusively a juniors clothing line) and the introduction of more skate/surf-oriented vesture, including Rusty, RS by Ryan Sheckler and third Rail. In Baronial, Albert Gonzalez'due south defence lawyer appear J. C. Penney was a victim of the figurer hacker, although J. C. Penney stated that no customers' credit card information had been stolen. That year, J. C. Penney reached an agreement with Seattle's Best Java to feature total-service cafes inside leased departments inside J. C. Penney stores beyond the country.^{[commendation needed]} Currently, Seattle's Best Coffee is even so expanding café locations within J. C. Penney locations across the country.

2010–2014 [ ]

In September 2010, J. C. Penney joined Facebook to help promote its "Intendance, Share, Win" entrada. Since 1999, J. C. Penney has donated $100 million to afterwards-school care. That autumn, Vornado Realty Trust took a 9.9 percentage stake in Penney; it sold off its 9.nine Meg share interest in the company for $13.00 per share in 2013.

On January 24, 2011, J. C. Penney appear information technology would exit the catalog business and close all 19 of its catalog outlet stores. An additional seven stores, two phone call centre facilities, and one customer decorating facility would also be closed. One of the J. C. Penney Outlet Stores that closed, at Franklin Mills Mall, in Philadelphia, was replaced on March 2, 2012, by a regular J. C. Penney store, which later closed in 2017. On February 12, 2011, The New York Times exposed the company'due south use of link schemes—"spamdexing"—to increment the J. C. Penney website'due south ranking in Google search results, especially during the vacation flavour. Doug Pierce, an adept in online search from Bluish Fountain Media, described the optimization as "the virtually ambitious endeavor to game Google's search results that he has ever seen." Ultimately, Google took retaliatory action and drastically reduced the visibility of J. C. Penney in the search results. Although the retailer denied any involvement, information technology fired its search engine consulting firm, SearchDex.

In June 2011, J. C. Penney announced that Ron Johnson, who had led Apple retail stores in a flow of high growth, became the company's new CEO. In October 2011, J. C. Penney sold the 15 remaining catalog outlet stores to SB Capital Group. The stores would remain open as they transitioned to JC's 5 Star Outlets. On December seven, J. C. Penney announced the acquisition of sixteen.6 percent of Martha Stewart Living Omnimedia stock. J. C. Penney planned to put "mini-Martha Stewart shops" in many of its stores in 2013, likewise equally create a website together.

In January 2012, the company's primary operating officer at the time, Michael Kramer, revealed to The Wall Street Journal that more than 30 percent of the bandwidth of J. C. Penney'south headquarters was used for the viewing of YouTube videos during that month alone. Kramer consequently laid off ane,600 employees to change the company's workplace culture. On February one, J. C. Penney began a new pricing method, with "Every Day" prices on well-nigh days reflecting what used to exist auction prices, "Monthly Value" for certain items every month in place of sales, and "All-time Cost" the first and 3rd Fridays of each month, tied to paydays. Prices would too non stop in 9 or vii and would instead use whole figures to toll items. The changes in the stores include a focus on the mini-stores such equally those for Martha Stewart products.

In April 2012, the company appear plans to trim its workforce, laying off nearly 13% of its home office staff in Dallas, and closing a telephone call center in Pittsburgh. Many managers, supervisors, and long-time employees were let go on April 30, 2012. In June, the company announced that Michael Francis, the company's president, was leaving the visitor, after only eight months on the job, effective immediately. In July 2012, the company announced that information technology was laying off 350 more than workers at its headquarters. In August, J. C. Penney began rolling out a store-inside-a-store strategy, with plans to eventually curl out 100 shops in 683 stores. That month, the company posted a second-quarter comparable-store loss of 22%, with internet sales dropping 33%. At an analyst meeting in New York the same day, Johnson said, "I'm completely convinced that our transformation is on runway." J. C. Penney'southward stock rose 5.9% on Johnson's comments at the analyst coming together, the largest unmarried-twenty-four hour period stock increment since late January 2012. In 2012, fourth quarter sales for J. C. Penney were poor. Sales were downwards 28.four% from a year earlier and same store sales were downwards 32%. Strategic choices fabricated by Johnson a year before, including the change in pricing strategy, were being chosen into question. It was announced in April 2012 that Nickelson Wooster would become the artistic manager for J. C. Penney menswear. Wooster stated in an interview with Esquire that his influence on the brand would begin with spring menswear available as of February 2013.

On April eight, 2013, Johnson was fired from J. C. Penney afterward 17 months with the visitor. Mike Ullman, the retailer's former CEO, was announced as his replacement presently afterwards. In August, William A. Ackman, of Pershing Square Uppercase Management, continued his efforts to remove Thomas Engibous, the company's chairman of the board of directors. Withal, Ackman resigned from the board on August 12, and 2 new directors were subsequently appointed to the lath, one of whom is former Macy's vice chairman Ronald Tysoe. On September 26, 2013, J. C. Penney, with Goldman Sachs as the sole underwriter, announced plans to issue 84 million shares of its stock. The move stood in dissimilarity with CEO Mike Ullman's remarks from before that mean solar day, whereby he did not foresee "conditions for the residuum of the year that would warrant raising liquidity."

During a November 2013 briefing call to Wall Street analysts, Ullman appear that J. C. Penney is "restoring initial markups necessary to support the return [to a] promotional department store strategy" with "gross margins, currently 29.v per centum of sales versus 32.5 pct a year ago, were lower due to the impact of clearance sales to eliminate inventory overhang and to transition back to the promotional pricing strategy the company is known for." Ullman is removing the radio frequency identification engineering and returning to security tags because shrinkage has "added 100 basis points on margins in the third quarter." Various analysts have mixed reviews of J. C. Penney's future. On Dec 1, 2013, J. C. Penney was replaced by Allegion in the S&P 500 Index. South&P cited J. C. Penney'south 37% fall in market value to $2.seven billion (equivalent to $3 billion in 2022) was "more representative of the mid-cap market." J. C. Penney replaced Aéropostale from the South&P MidCap 400 Alphabetize. In 2013, Soros Fund Management sold over 19 1000000 J. C. Penney shares after just owning them for a few months.

On Jan 15, 2014, J. C. Penney announced it was endmost 33 under-performing stores and laying off 2,000 employees. J. C. Penney'south stock continued its decline until their first quarter results in 2014 showed signs of comeback, and sent the share value back into the double digits. In October, it was announced that the company would exist tapping old Home Depot executive Marvin Ellison to take on the office of CEO starting in November.

2015–2019 [ ]

In Jan 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off ii,250 employees. That same year, the visitor announced that it was liquidating its The Foundry Big & Alpine Supply Co. concatenation of standalone habiliment stores. In Jan 2016, J. C. Penney announced plans to relaunch its business of selling major appliances to target a moving ridge of millennials who are buying showtime-fourth dimension homes. In February, J. C. Penney opened a support center in Bangalore, India.

In January 2017, J. C. Penney sold its headquarters campus and surrounding state in Plano, Texas to Dreien Opportunity Partners as a leaseback sale to maintain operations at the location. The land has since been broken up and sold/adult. Space within the HQ building has been subleased. Part of this land was sold to where the current Toyota North America HQ is now located. In Feb, J. C. Penney announced that it would shutter ii distribution centers and up to 140 under-performing stores equally it wrestled with disappointing sales. The company besides planned to offer buyouts to roughly 6,000 employees. On March 17, J. C. Penney released a list of 138 locations that would shut by the stop of June. By endmost stores and distribution facilities, J. C. Penney would redirect resources to aid expand its shop-in-shop Sephora boutiques, and add Nike and Adidas boutiques, like to what Macy'due south has done with End Line, Lids and LensCrafters.

In an effort to capitalize on self-deprecating humor and better its reputation, J. C. Penney collaborated with Nicole Richie and other designers to open a "Jacques Penne" popular-up shop in Manhattan during the 2017 holiday flavor.

In 2018, J. C. Penney closed permanently at Plaza Palma Real in Humacao, Puerto Rico, afterwards Hurricane Maria devastated the shop in September 2017. In May, J. C. Penney reported an adjusted loss of $69 million in the showtime quarter, even worse than Wall Street predicted, and lowered its projections for the twelvemonth. Sales fell iv%, also missing estimates. Earlier in 2018, the visitor appear it would cut 360 jobs at its stores and corporate headquarters. The company lowered its earnings forecast for the yr to 13 cents per share at best, and said it could lose as much equally vii cents. J. C. Penney finished the quarter with just $181 million in greenbacks, downwards from $363 million a year ago. Much of the large subtract was because of a $190 billion debt replace. On May 22, J. C. Penney appear the resignation of their CEO, Marvin Ellison. On October 2, J. C. Penney announced one-time Jo-Ann Stores CEO Jill Soltau every bit their CEO, effective October fifteen. With the announcement, JCPenney's shares rose 9%. The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue. She has besides brought new talent and has cleaned out inventory. On December 26, the stock cost of J. C. Penney (NYSE: JCP) cruel below $i per share. This was the first time shares roughshod beneath $i ever in the 110-twelvemonth history of the company, which started trading on the New York Stock Exchange in 1929. The stock fell 68% over the course of 2018, including a xxx% drop in December 2018 lone.

On February 6, 2019, J. C. Penney said it would end selling major appliances on February 28, and that article of furniture would be limited to online and stores in Puerto Rico. On February 28, J. C. Penney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine domicile-and-piece of furniture stores. The closure announcement was paired with news that the retailer had suffered a iv% decline in same-store sales during the 2018 holiday quarter. On March 26, J. C. Penney announced the hiring of Pecker Wofford as chief financial officer. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. On May 21, J. C. Penney appear that Shawn Gensch will be the Main Customer Officer to have effect on June 3. Gensch comes from Sprouts Farmers Market where he was their CCO. Likewise on May 21, J. C. Penney announced a net sales pass up of 5.six% and a net loss of $154 meg for its fiscal first quarter of 2019, which ended on May 5.

2020s [ ]

On January nineteen, 2020, J. C. Penney announced plans to close six stores. On May 15, 2020, J. C. Penney filed for Chapter xi defalcation protection and announced that there would be an boosted 242 store closings, blaming the coronavirus pandemic for its action. On March 18, J. C. Penney announced all retail stores would temporarily close in response to the global COVID-xix pandemic until April 2. On March 31, J. C. Penney appear an extension of the planned April 2 reopening, with a new appointment not possible to be determined at the time. On May one, J. C. Penney appear a limited number of stores would reopen. By June 17, J. C. Penney reopened approximately 827 stores; nearly of the 154 scheduled for permanent closure in 2020 were amongst those reopened, with final endmost sales in progress. On June 22, J. C. Penney identified an additional 13 stores that would exist permanently closed including two additional stores outside of New York City at Westfield South Shore in Bay Shore, NY and Poughkeepsie Galleria in Poughkeepsie, NY. On July 7, 2020, J. C. Penney announced that they would shut 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 Dominicus, September 27, 2020. On Dec 17, 2020, JCPenney announced that they would shut 15 boosted stores in March 2021. As of June 2021, at that place take been a total of 175 store closures. On December 30, 2020, it was announced that Jill Soltau would step downward as CEO of JCPenney, effective December 31, 2020. Information technology is unclear whether she was fired or resigned. On Jan 1, 2021, Soltau was replaced by Simon Property'southward chief investment officeholder, Stanley Shashoua.

On May 15, 2020, J. C. Penney filed for Chapter xi Defalcation Protection and announced that at that place would be additional 242 shop closings, blaming the coronavirus pandemic for its action. On March 15, every bit businesses such as stores were ordered closed in many states, the chain airtight all of its stores and furloughed its employees. J. C. Penney became the 4th major national retailer to file for defalcation in May 2020. Days earlier, information technology was reported in a regulatory filing that J. C. Penney would give bonuses totaling nigh $ten meg to the company'south senior managers, which included $4.5 one thousand thousand to CEO Jill Soltau. After 91 years, information technology was delisted from the New York Stock Substitution on May 18, 2020, and became listed in OTC Pink. On June 4, 2020, J. C. Penney released a listing of 148 stores slated to close starting in belatedly June 2020, with eleven additional shop closures announced on June 22 and two additional stores on July seven, with the previously announced store endmost locations remaining on hold pending further review, for a planned closing a total of 242 stores. Since the initial filing, rumors of potential buyers include Amazon, Sycamore Partners, and a grouping consisting of Authentic Brands (Forever 21, Aeropostale, Barneys), and mall owners Simon Holding Group and Brookfield Properties. On July viii, J. C. Penney submitted their defalcation exit program to existing lenders, and also requested more time for negotiations. On July 31, 2020, it was announced that 21 stores, including the "Mother Shop" in Kemmerer, Wyoming, would be auctioned off equally office of the proceedings.

On September 9, 2020, Brookfield Property Partners and Simon Belongings Group agreed to purchase JCPenney for most $800 million, including $300 one thousand thousand in greenbacks and assuming $500 million of debt, which was later approved by the courtroom on November ten, 2020. Information technology has been established that once the visitor emerges from bankruptcy information technology is poised to save nigh 60,000 jobs, co-ordinate to various independent studies. In Nov 2020, the headquarters location in Plano, Texas was vacated by JCPenney. The company was paying $ii.45 million in monthly rent after selling the offices in 2017. Equally of Baronial 2021, no new headquarters location has been announced.

In October 2021 the company opened x new store-in-shop locations across the U.s., featuring a wide variety of brands, including indie and BIPOC brands, including flagship partner Thirteen Lune.

Store locations [ ]

• Bolger Square in Independence, MO
• Oak Park Mall in Overland Park, KS
• Mid Rivers Mall in St. Peters, MO
• Woodfield Mall in Schaumburg, IL
• Shoal Creek Plaza in Kansas City, MO
• Tiffany Springs Marketplace in Kansas City, MO
• Eastview Mall in Victor, NY
• Eastern Hills Mall in Clarence, NY
• Chautauqua Mall in Lakewood, NY
• Golf Mill Shopping Eye in Niles, IL
• Millcreek Mall in Erie, PA

External links [ ]

• Official website
• JCPenney on Usa Shop Fanon Wiki

stewartwhortiven50.blogspot.com

Source: https://malls.fandom.com/wiki/JCPenney