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| hq_location_city =
| hq_location_country = U.S.
| num_locations =
| area_served = United States (excluding Hawaii)
| key_people = {{ubl|Ronald Tysoe
| industry = Retail
| fate =
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*Clothing
*footwear
*accessories
*jewelry
*beauty products
*furniture
*decor
*housewares
*electronics
*toys▼
*bedding
*bath
*salon
▲*toys
*portrait studio
}}
| revenue = {{decrease}} {{US$|11.167 billion|link=yes}} (2019)
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Most JCPenney stores were initially located in downtown areas, but, as [[shopping mall]]s grew in popularity during the 1960s, the chain began relocating and developing stores to anchor the malls. In recent years, JCP has opened stores in [[power center (retail)|power centers]], as well as stand-alone stores, sometimes adjacent to competitors. The company has been an Internet retailer since 1998, and it has streamlined its catalog and distribution while undergoing renovation improvements at store level.
After filing for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy protection]] in May
== 20th century ==
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In 1913, the company was incorporated under the new name, J. C. Penney Company, with William Henry McManus as a co-founder. In 1914, the headquarters was moved to New York City to simplify buying, financing, and transportation of goods.<ref>[http://www.jcpenney.net/Our-Old-Company/About-jcpenney/Our-History.aspx Our History] {{webarchive|url=https://archive.today/20130502084401/http://www.jcpenney.net/Our-Old-Company/About-jcpenney/Our-History.aspx |date=May 2, 2013 }} J.C. Penney. Retrieved August 20, 2013.</ref> By 1917, the company operated 175 stores in 22 states in the United States. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. By the opening of the 1,000th store in 1928, gross business had reached $190 million (equivalent to ${{formatprice|{{inflation|US|190000000|1928|r=0}}}} in {{CURRENTYEAR}}).
In 1940, [[Sam Walton]] began working at a J. C. Penney in [[Des Moines, Iowa]]. Walton
[[File:1964 Alaska Quake Penney Bldg.jpg|thumb|Penney Building in Anchorage in 1964, following the earthquake.]]
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=== Death of J.C. Penney and peak: 1970s ===
On February 12, 1971, James Cash Penney died at the age of 95; the company's stores were closed the morning of his funeral on February 16.<ref name=jcp_closed_half_day>[https://www.newspapers.com/image/136676544/?terms=penney%2Bstores%2Bclosed Newspapers.com] {{webarchive|url=https://web.archive.org/web/20161007001204/https://www.newspapers.com/image/136676544/?terms=penney%2Bstores%2Bclosed |date=October 7, 2016 }}. Newspapers.com quotes the Rochester Democrat and Chronicle for Tuesday February 16, 1971, page 5</ref> That year, the company adopted the ''JCPenney'' style in advertising.<ref>{{cite news |last1=Lisicky |first1=Michael |title=From Its Beginnings To Bankruptcy, A Historical Timeline Of JCPenney |url=https://www.forbes.com/sites/michaellisicky/2020/05/17/from-its-beginnings-to-bankruptcy--a-company-timeline-of--jcpenney/?sh=192856e331de |access-date=18 August 2022 |work=[[Forbes]] |date=2020-05-17}}</ref> and its revenues reached $5 billion (equivalent to ${{formatprice|{{inflation|US|5000000000|1971|r=0}}}} in {{CURRENTYEAR}}) for the first time and catalog business made a profit for the first time.<ref name=jcp_fundinguniverse>[http://www.fundinguniverse.com/company-histories/JC-Penney-company-Inc-company-History.html J.C. Penney Company – Company History & Profile] {{webarchive|url=https://web.archive.org/web/20120530003150/http://www.fundinguniverse.com/company-histories/JC-Penney-company-Inc-company-History.html |date=May 30, 2012 }}.
JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments.<ref name=jcp_fundinguniverse /> However, the company was hard hit by the [[1973–75 recession|1974 recession]] with its stock price declining by two-thirds.<ref name=jcp_fundinguniverse />
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{{very long section|date=March 2022}}
[[File:JCP Frisco Stonebriar.jpg|thumb|right|Exterior of the J. C. Penney store at the [[Stonebriar Centre]] in [[Frisco, Texas]] (2013)]]
[[File:J-C-Penney-4616.jpg|right|thumb|
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.<ref>{{cite news|url=https://www.reuters.com/article/us-jcpenney-vornado/vornado-sells-entire-j-c-penney-stake-for-13-per-share-idUSBRE98J0YD20130920|title=Vornado sells entire J.C. Penney stake for $13 per share|publisher=Reuters|date=September 20, 2013}}</ref>
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On December 7, 2011, J. C. Penney purchased 16.6% of [[Martha Stewart Living Omnimedia]] stock. J. C. Penney planned to put "mini-Martha Stewart shops" in many of its stores in 2013, as well as create a website with Martha Stewart Living.<ref>{{cite news|url=http://www2.journalnow.com/business/2011/dec/08/wsbiz01-business-briefs-for-dec-8-ar-1690034/|title=J.C. Penney to offer Martha Stewart shops|work=[[Winston-Salem Journal]]|agency=[[Associated Press]]|date=December 8, 2011|access-date=December 8, 2011|url-status=dead|archive-url=https://archive.today/20130127100651/http://www2.journalnow.com/business/2011/dec/08/wsbiz01-business-briefs-for-dec-8-ar-1690034/|archive-date=January 27, 2013}}</ref>
In January 2012, the company's chief 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's headquarters was used for the viewing of [[YouTube]] videos during that month alone. Kramer consequently laid off 1,600 employees to change the company's workplace culture.<ref>{{cite news|title=JC Penney Exec Admits Its employees harbored enormous YouTube addiction|url=https://www.huffingtonpost.com/2013/02/25/jc-penney-employees-youtube_n_2759028.html|access-date=September 16, 2013|newspaper=The Huffington Post|date=February 25, 2012|first=Jillian|last=Berman|url-status=live|archive-url=https://web.archive.org/web/20131022173855/http://www.huffingtonpost.com/2013/02/25/jc-penney-employees-youtube_n_2759028.html|archive-date=October 22, 2013}}</ref> On February 1, J. C. Penney began a new pricing method, with "Every Day" prices on most days reflecting what used to be sale prices, "Monthly Value" for certain items every month in place of sales, and "Best Price" the first and third Fridays of each month, tied to paydays.<ref>[https://www.forbes.com/sites/lauraheller/2012/01/26/why-jcpenney-will-be-the-most-interesting-retailer-of-2012/ Why J.C. Penney Will Be The Most Interesting Retailer Of 2012] {{webarchive|url=https://web.archive.org/web/20170729172109/https://www.forbes.com/sites/lauraheller/2012/01/26/why-jcpenney-will-be-the-most-interesting-retailer-of-2012/ |date=July 29, 2017 }}.
In April 2012, nearly 13% home office staff in Dallas were laid off and a call centre in [[Pittsburgh]] was closed down.<ref>{{cite web|last1=Halkias|first1=Maria|title=J.C. Penney lays off 600 at Legacy headquarters in Plano|url=http://bizbeatblog.dallasnews.com/2012/04/jc-penney-layoffs-expected-at.html/|website=dallasnews.com|publisher=Dallas Morning News|access-date=January 20, 2016|date=April 5, 2012|url-status=live|archive-url=https://web.archive.org/web/20160611114819/http://bizbeatblog.dallasnews.com/2012/04/jc-penney-layoffs-expected-at.html/|archive-date=June 11, 2016}}</ref> In June, Michael Francis (company president) left J. C. Penney after only eight months as president.<ref>{{cite news|last=Mattioli|first=Dana|title=Penney President Out in Shake-Up|newspaper=[[The Wall Street Journal]]|date=June 19, 2012|page=B1}}</ref> In July 2012, the company announced that it was laying off 350 more workers at its headquarters.<ref>{{cite news|url=https://www.usatoday.com/money/industries/retail/story/2012-07-10/JC-Penney-shares-fall-350-workers-laid-off/56133388/1|title=J.C. Penney lays off 350 workers, shares fall|publisher=USA Today|access-date=July 10, 2012|date=July 10, 2012|url-status=live|archive-url=https://web.archive.org/web/20120710231842/http://www.usatoday.com/money/industries/retail/story/2012-07-10/JC-Penney-shares-fall-350-workers-laid-off/56133388/1|archive-date=July 10, 2012}}</ref>
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In April 2022, JCPenney's owners—Simon and Brookfield—offered $8.6 billion to purchase [[Kohl's]].<ref>{{Cite web |last=Stein |first=Sanford |title=Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney |url=https://www.forbes.com/sites/sanfordstein/2022/05/01/simon-and-brookfield-pursue-kohls-to-join-rival-jc-penney/ |website=Forbes |language=en}}</ref> Sephora had already announced plans to contract exclusively with Kohl's by 2023, and had piloted [[Sephora]] Inside Kohls at select store locations. With this deal, Sephora would remain affiliated with, and under control of, the Simon and Brookfield retail portfolio, therefore superseding and annulling previous agreements for Sephora to leave JCPenney in favor of Kohl's.<ref>{{Cite web |date=2022-05-10 |title=A streamlined proposal for rival retailers: Is JCPenney buying Kohl's? |url=https://www.silive.com/business/2022/05/a-streamlined-proposal-for-rival-retailers-is-jcpenney-buying-kohls.html |website=silive |language=en}}</ref>
The company returned to its Plano, Texas, headquarters in July 2023.<ref name="back in business" /><ref>{{Cite web |last=Staff |first=FOX 4 |date=2023-07-20 |title=JCPenney reopens corporate headquarters in Plano |url=https://www.fox4news.com/news/jcpenney-reopens-corporate-headquarters-in-plano |access-date=2023-07-21 |website=FOX 4 |language=en-US}}</ref> The reopened headquarters
==Finances==
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