An Overview of JC Penney Corporation Inc.

1452 Words3 Pages

The owner's method of financing the start of the company J.C. Penney Corporation, Inc., an American Retail Company, was created in 1902 by James Cash Penney. Currently, the company is involved in marketing clothing, home-based fixtures, jewelry, cosmetics, and cookware. Originally, incorporated as the J.C. Penney Stores Company from 1913 to 1924, and its present name, J.C. Penney Co., was reincorporated present in 1968. In the early 21st century, the company operated roughly 1,000 stores in the United States and Puerto Rico. Headquarters are in Plano, Texas (Encyclopaedia Britannica, 2014). The company’s humble beginnings can be traced to 1898, shortly after Mr. Penney left his parent’s farm to open a butcher shop in Longmont, Colorado. His business relied on purchases by a local hotel. When he refused to exchange liquor to the hotel cook in return for his trade, the butcher shop failed. Penney was then employed as a store clerk at the Golden Rule Store, a small dry goods retail store that contained work apparel, cloth, and sewing materials. His work ethic impressed the owners to the point of promoting him to manage their Evanston, Wyoming store in 1899. On April 14, 1902, they made him a one-third partner in their new store in Kemmerer, Wyoming on the Oregon Short Line Railroad, a town which had 1,000 residents by the time Penney arrived (McInnis, 2014). In order to solidify his partnership, Mr. Penney paid $2,000 for his stake of the store, a venture that proved to be very rewarding. He only had $500 in savings, so he took out an I.O.U with his partners to cover the remaining balance. The Golden Rule Store sold what mining families desired and it sold it at reasonable cost. In 1902, its first year, the store profited $8,000... ... middle of paper ... ...s, D. (2014, March 23). Is J.C. Penney at Death's Door? Retrieved from The Motley Fool: http://www.fool.com/investing/general/2014/02/17/is-jc-penney-at-deaths-door.aspx McInnis, D. (2014, March 23). James Cash Penney: From Clerk to Chain-store Tycoon. Retrieved from Wyoming State Historical Society: http://www.wyohistory.org/encyclopedia/james-cash-penney-clerk-chain-store-tycoon Morningstar. (2014, March 23). J.C. Penney Co Inc JCP. Retrieved from Morningstar: http://financials.morningstar.com/ratios/r.html?t=JCP MSN Money. (2014, March 23). Penney Co Inc (NYSE: JCP). Retrieved from MSN Money: http://investing.money.msn.com/investments/stock-price?Symbol=jcp&ocid=qbeb The State Historical Society of Missouri. (2014, March 23). James Cash Penney. Retrieved from Historic Missourians: James Cash Penney: http://shs.umsystem.edu/historicmissourians/name/p/penney/

More about An Overview of JC Penney Corporation Inc.

Open Document