list of past jcpenney ceos

- 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. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images). The Hurst, Texas store, near the Plano headquarters, is outfitted with a fitness studio, childrens play areas, and other amenities. The company closed the Treasury discount stores in 1980 because they were unprofitable and decided to focus resources on its JCPenney stores. The jcpenney.com website becomes the largest online retailer of apparel and home furnishings. In 1995, the drug store business was expanded with the acquisition of Kerr Drug and again in 1996 with the purchase of Fay's Drug. Sales of the service surpassed $1 billion, making the company the second-largest catalog merchandiser in the United States. [114] On July 31, 2020, it was announced that 21 stores, including the "Mother Store" in Kemmerer, Wyoming, would be auctioned off as part of the proceedings. [82] In May, J. C. Penney reported an adjusted loss of $69million in the first quarter, even worse than Wall Street predicted, and lowered its projections for the year. She is tasked with a turnaround bid against the backdrop of a deteriorating brick-and-mortar retail landscape that has forced Toys R Us Inc and Sears Holdings Corp to seek bankruptcy protection. [66] Various analysts have mixed reviews of J. C. Penney's future. Figures for 1994 further demonstrated the company's achievement, with $20.4 billion in retail sales ($800 million from Arizona brandwear), a 6.8 percent comparative store sales increase, and net income topping $1 billion. James Cash "J. C." Penney Jr. (September 16, 1875 February 12, 1971) was an American businessman and entrepreneur who founded the J. C. Penney stores in 1902. Future discount stores are renamed Treasury and become one-stop shopping centers, from general merchandise to food departments. ", "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? A major reorganization of the company from a mass marketer into a fashion-oriented national department store during the 1980s, along with the relocation of its corporate headquarters from New York to less expensive Texas, put JCPenney in a strong position to compete in the tough retailing climate of the 1990s. The company also broke ground for its new corporate headquarters in Plano, Texas, just north of Dallas; winnowed its stores down to 1,328 by closing underperforming outlets; and moved away from some of its private labels, focusing instead on major brand names like Haggar, Healthtex, Jockey, Levi Strauss & Company, Maidenform, Ocean Pacific, Oshkosh, Reebok, Van Heusen, and Warner's. Callahan soon promoted young Penney to his Evanston, Wyoming, store to work with one of his partners, Guy Johnson. 1990: The company slogan becomes Where Fashion Comes to Life. A study shows that 70% of JCPenneys customers are female. The department store retailer announced that Marc Rosen, a 25-year retail industry veteran who most recently served as executive vice president and president of Levi Strauss Americas at Levi Strauss & Co., will join the company effective Nov. 1. [104] On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua. [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. JCPenney Outlet / JC's 5 Star Outlet JCPenney Outlet Stores were stores that sold JCPenney's merchandise at a lower outlet store price. Opinions expressed by Forbes Contributors are their own. Eckerd operates 2,699 stores in 23 states. The move was considered controversial then as no other high-end designer up to that point in time had licensed their designs to a mid-price retailer. Moving its corporate headquarters to just outside Dallas, Texas, JCPenney was able to cut $60 million from its annual budget although about 1,250 New Yorkers lost their jobs. 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. The company has been an Internet retailer since 1998, and it has streamlined its catalog and distribution while undergoing renovation improvements at store level. Before this point, JCPenney carried rifles and shotguns branded as JCPenney but produced by numerous established firearms manufacturers. In 1914, Penney relocates the headquarters to New York City in order to be closer to the countrys main garment district. Armed with a track record of success as the architect of Apple's retail stores alongside Steve Jobs, Johnson loaded up J.C.. [60] However, Ackman resigned from the board on August 12, and two new directors were subsequently appointed to the board, one of whom was former Macy's vice chairman Ronald Tysoe. List is made up of a variety of people, including Sam Walton and Allen I. Questrom. This lost decade signals that . [58], On April 8, 2013, Johnson was fired from J. C. Penney after 17 months with the company. See the list", "JCPenney Store Closings Penney IP, LLC", "J.C. Penney sale to landlords Simon and Brookfield is completed", "J.C. Penney store closings list released: Is your local store facing liquidation in bankruptcy? New York CNN Business . Alternate J. C. Penney logo used on a few stores, used from 2011 until 2012. J. C. Penney replaced Aropostale from the S&P MidCap 400 Index. Principal Subsidiaries: JCPenney Collections Stores; JCPenney Home Stores; JCPenney Life Insurance Co.; JCPenney National Bank; JCPenney Specialty Stores; Thrift Drug Inc. [48] 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. In February 2008, the company launched the "American Living" brand, as developed by Ralph Lauren, across several product lines. - In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc LOW.N. In an unusual corporate move, J. C. Penney resumed the chairmanship instead of promoting Albert Hughes. Earnings dropped from $185.8 million to $125.1 million. 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. Returned as CEO in 2013 after J.C. Penney suffered a tumultuous two years under replacement Ron Johnson. After only four years as chairman, Earl Sams died in 1950. In 1954 Penney created the James C. Penney Foundation (its predecessor, the J.C. Penney Foundation, went under during the Depression) to continue his philanthropy, and in 1957 he served as a charter member of the Distributive Education Clubs of America, helped create the Junior Achievement Clubs, and endowed a chair at Westminster College. Annual sales total $2,800. The first store, which opened April 14, 1902, was located in Kemmerer, Wyoming. Mike Ullman, the retailer's former CEO, was announced as his replacement shortly afterwards. The deal was approved by the U.S. bankruptcy court for the Southern District of Texas two months later. JCPenney created the Treasury discount stores from the General Merchandise discount operation. The Penney catalog makes its official debut. [73][74], In January 2017, J. C. Penney sold its headquarters campus and surrounding land in Plano, Texas to Dreien Opportunity Partners as a leaseback sale to maintain operations at the location. Activist investor William Ackman called the company mismanaged under his tenure. 1976-85: Mass Merchandiser or Department Store? JCPenney is starting the new year with a post-Chapter 11 restart, new owners, new financing and soon will have a new CEO. Doug Pierce, an expert in online search from Blue Fountain Media, described the optimization as "the most ambitious attempt to game Google's search results that he has ever seen". Headquarters 6501 Legacy Dr, Plano, Texas, 75024, United States (972) 431-1000 CEO Marc Rosen Revenue $9.3 B Employees 50,000 Founded 1902 Funding History JCPenney raised a total of $3.3 B in funding over 2 rounds, and is a public traded company. [122], In June 2008, an ad called "Speed Dressing" emerged ending with the J. C. Penney logo and slogan "Every Day Matters". On December 30, 2020, it was announced that Jill Soltau would step down as CEO of JCPenney, effective December 31, 2020. In 1995 the chain expanded to Chile with a store in the capital, Santiago. Thrift Drug, the 10th largest drugstore chain in the nation with 645 stores in 12 states, had sales of nearly $1.9 billion in '95 (a 20.2 percent increase) and plans for new outlets in North Carolina and New Jersey. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. At the same time, William Batten, a vice-president, conducted a study in 1957; the results indicated the company should adapt to changing consumer spending habits, especially by beginning to sell on credit instead of for cash only. WGN Web Desk, and Associated Press. Web. [13] He participated in the creation of two more stores and purchased full interest in all three locations when Callahan and Johnson dissolved their partnership in 1907. [43], On February 12, 2011, The New York Times exposed the company's use of link schemes"spamdexing"to increase the J. C. Penney website's ranking in Google search results, especially during the holiday season. 1969: Penneys acquires the Pittsburgh-based Thrift Drug Company and enters the pharmacy business. Everyone, by now, from consumers to analysts, took note of JCPenney's extraordinary turnaround. 1962: After several years of study, the J.C. Penney Co. looks to dramatically change its business plan. 41 on Fortune 's list of the country's 50 most powerful female executives. J.C. Penney's new owners are looking for a new leader for the struggling retailer, which emerged from bankruptcy earlier this month. 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. Its big mass merchant competitors, Montgomery Ward and Sears, continued in these lines. The Linden Street brand features furniture, domestics, and home decor. In August, Albert Gonzalez's defense lawyer announced JCPenney was a victim of a computer hacker, although the company stated that no customers' credit card information had been stolen. This list is a directory of the best J.C. Penney employees, showcasing only the most prominent J.C. Penney employees of all time. The stores are reconfigured into separate shops. [21], In 1977, J.C.Penney sold its four stores in Italy to Italian department store chain La Rinascente, Penneys had opened in Italy in 1970 but left due to diffucilutes encountered when trying to expand in Italy and had only ever opened stores in the Lombardy region. On July 31, JCPenney opens a Manhattan store located in the former Gimbels building on 33rd Street. 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. 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. JC's 5 star outlet was a "lower rank" outlet store. The company sells the Sarma-Penney firm in 1987. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. [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. The second full-line shopping center store was dedicated, at King of Prussia Plaza in King of Prussia, Pennsylvania in late 1962. JCPenney CEO Jill Soltau speaks during an interview in Fort Worth, Texas, in 2019. On May 22, J. C. Penney announced the resignation of their CEO, Marvin Ellison. ", "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? Copyright (c) 2022 Company-Histories.com. [59] In August, William A. Ackman, of Pershing Square Capital Management, continued his efforts to remove Thomas Engibous, the company's chairman of the board of directors. In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. Popular store brands are reduced or eliminated. Linden Street is sold exclusively in J. C. Penney stores and through its website. The company operated in-store catalog desks in eight states. 2017: In order to pay off part of its debt load, JCPenney sells its Plano, Texas headquarters campus for $353 million. to address Penney's falling sales, where he was credited for revitalizing the home improvement chain. a former C.E.O. Penneys discontinues the line in 1988. the locations that continued to operate as Eckerd, Cannes Lions International Advertising Festival, J. C. Penney-Chicago Store (Tucson, Arizona), J. C. Penney Company Building (Shoshone, Idaho), J. C. Penney Co. Penney sales and market value reached all-time highs. Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 667 stores across 49 U.S. states and Puerto Rico. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. [13] Callahan and Johnson asked Penney to join them in opening a new Golden Rule store. Kramer consequently laid off 1,600 employees to change the company's workplace culture. [78] By closing stores and distribution facilities, J. C. Penney would redirect resources to help expand its store-in-store Sephora boutiques, and add Nike and Adidas boutiques, similar to what Macy's has done with Finish Line, Lids and LensCrafters. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. Stock Symbol NYSE: JCP JCPenney Executive Team & Key Decision Makers Show Me More Executives JCPenney announced today the appointment of Marc Rosen as chief executive officer, effective Nov. 1, 2021. A business should not have to be judged by its bankruptcy, especially when that business is JCPenney. Two years later, when James Cash Penney died at age 95, sales for the company he founded hit $5 billion and the catalog business made a profit for the first time. Web. On the heels of these triumphs came a two-for-one stock split in March 1993; a new advertising campaign reflecting the company's invigorated stance (JCPenney--Doing It Right); year-end retail sales just shy of $19 billion (up 5.4 percent); and income of $940 million (up 21 percent) due in part to stronger catalog sales of $3.5 billion (an 11 percent increase). This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. The catalogs were distributed by the Milwaukee Catalog distribution center. In 1986 JCPenney acquired Units, a chain of stores selling contemporary knitwear and by the next year the company was well on its way to achieving the goals it set forth in 1982. 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. "[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". [75] The land has since been broken up and sold/developed. Retail analysts who followed JCPenney called the company's decision difficult but necessary. [55] That month, the company posted a second-quarter comparable-store loss of 22%, with internet sales dropping 33%. Reuters reported last month that the 117-year-old department store operator hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround. The company admits that the new sales policies and merchandise misjudgments have led to a disastrous business decision. - Hired from Home Depot Inc HD.N to address Penney's falling sales, where he was credited for revitalizing the home improvement chain. Penney's logo used from 1963 to 1971 but still on stores until the 80's. 2002: Penney celebrates its 100th year. A plan is devised to close multiple stores in order to improve cash flow. Ullman then served as chairman of the board of directors, but was relieved of his duties in January 2013. James Cash Penney was born in Hamilton, Missouri. 1977: "This is JCPenney" becomes the company slogan. JCPenney CEO and Executives. All quotes delayed a minimum of 15 minutes. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney didn't want to accept mining company scrip or credit. Though the company has been struggling for the past several years, JCPenney cites COVID-19 as a large reason for Fridays bankruptcy filing. The company boomed in its early days in Western mining towns because it offered all goods at "one fair price" and brought fashionable goods from the East to remote towns. [38] J.C.Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some J.C.Penney locations. The company leases back 65% of its previously used space. JCPenney CEO Jill Soltau speaks during an interview in Fort Worth, Texas, in 2019. All rights reserved. Tuttle, Brad. [63][64], During the spring of 2013, a kettle sold by the company attracted controversy when many users of social media pointed out its resemblance to Adolf Hitler, with the kettle being dubbed the Hitler teapot. [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. The new slogan and associated ad campaign was launched in television commercials during the 79th Academy Awards in late February 2007. Gensch comes from Sprouts Farmers Market where he was their CCO. Marc Rosen will take the helm at J.C. Penney Co. as the retailer continues to try to stabilize its business. The company entices its 3,600 corporate employees with a better quality of life environment as a benefit for the relocation. Part of this land was sold to where the current Toyota North America HQ is now located. Allen Questron served as Chairman and CEO of Federated Department Stores from 1990 to 1997. He was 26 years old and had grown up on a farm near Hamilton, Missouri. In recent years, JCP has opened stores in power centers, as well as stand-alone stores, sometimes adjacent to competitors. We will start off by introducing you to former CEO, Mike Ullman who managed JCPenney before and after the recession as well as his presence after next CEO Ron Johnson was fired. In 1981 when the company's sales totaled $11.9 billion, JCPenney was the first to sell zero-coupon bonds in domestic public markets. Retail sales increased only 0.9 percent for the year ($20.6 billion vs. $20.4 billion), income fell from 1994's outstanding $1 billion to $838 million, and comparative store sales experienced a 1.4 percent drop. [34] In 2003, the company opened three stores in strip centers in Texas, Minnesota and Indiana. . 1913: The company, headquartered in Salt Lake City since 1909, is incorporated as the J.C. Penney Co. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. Our Standards: The Thomson Reuters Trust Principles. With the acquisition of the bank, the company became able to issue its own Mastercard and Visa Inc. cards. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. Treasury drug stores A chain of stand alone drug stores that were also branded with the Treasury nameplate. [14] By 1917, the company operated 175 stores in 22 states in the United States. Currently, the previous stores are occupied by H&M at Supermal Karawaci and Matahari Department Store at Mal Taman Anggrek respectively. Annual sales reach $14.8 billion. JCPenney officially closes all stores on April 1 and furloughs many of its employees. 2015. The move stood in contrast with CEO Mike Ullman's remarks from earlier that day, whereby he did not foresee "conditions for the rest of the year that would warrant raising liquidity". 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. Treasury Drug stores became Eckerd which JCPenney also owned. Jake Lahut , Oma Seddiq, and Lauren Frias. The company's first full-line stores, with all the new merchandise lines instituted by President Batten, opened in 1963 in Audubon, New Jersey, and King of Prussia, Pennsylvania. Principal Operating Units: JCPenney Stores; JCPenney Catalog; Thrift Drug; JCPenney Insurance; JCPenney National Bank. 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. 2020: JCPenney stock falls below $1 a share, putting it at risk of being delisted from the New York Stock Exchange. JCPenney avoided bankruptcy after the company paid down paid $17 million in debt on Friday after missing two previous payments.JCPenney has an estimate $3.6 billion in debt. On June 22, J. C. Penney identified an additional 13 stores that would be permanently closed. 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. Macys files a lawsuit against Penneys for illegally obtaining a merchandising agreement with the Martha Stewart brand. St. James Press, 1997. He will assume the . - Focused Penney on home appliances, but shares plunged. Financial issues, including massive debt, continue to hang dark clouds over the firm. )[29], On December 9, 1998, The New York Times reported JCPenney would acquire controlling interest of Lojas Renner for a little over $33 million, which increased the company's maneuvering ability with their already existing units in Chile, Mexico and Puerto Rico. JCPenney has a new CEO. The stores were closed due to low profitably and high expenses. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. This type of JCPenney store only featured fashion for men, women and kids. 1927: Penneys celebrates its 25th anniversary. In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. 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. 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. Two years after graduating from high school, Penney went to work for a local retailer, J.M. The company joins with Goodyear and plans auto centers to be located next to future stores. Sales decline 24%. JCPenney has been trying to find its way for quite some time. High inventory levels continue to impact the companys bottom line. [44], In June 2011, Ron Johnson who had previously led Apple retail stores in a period go high growth, became J. C. Penney's new CEO. Web. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. The Insurance group, which began reciprocal businesses services in 1990 and moved into Canada in 1992, ran up revenues of $697 million, a 22.1 percent leap from 1994's $571 million; while JCPenney National Bank's revenues grew 21.7 percent from $131 million to $160 million with 470,000 active Visa and MasterCard accounts and receivables of $823 million. [66] On December 1, 2013, J. C. Penney was replaced by Allegion in the S&P 500 Index. With its new stance as a national department store focusing on apparel, the company had benefitted from its prime regional shopping center space, the most such space of all U.S. retailers. With these officers in place, the company launched a massive reorganization to transform the company from a mass merchant into a national department store. He was paid a total of $34,561,322 in 2011. [citation needed]At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. Penney enters the appliance business with its Penncrest brand, manufactured by GE Hotpoint. The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone. Retail sales fell from 1990's nearly $16.4 billion to $16.2 billion, but income and per share earnings nosedived (from $577 million to $80 million and from $4.33 to .39 respectively). [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. Annual sales reach $4 billion. Penney invested his whole savings--$500--and had to borrow $1,500 to be the third partner, with Callahan and Johnson, in the Kemmerer store. 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]. The company also sells its auto center business. Tichy, Noel. Tucker Carlson. The company proceeds with a new off mall store format for future expansions. 1983: The company introduces the Halston III line of fashion merchandise, the first collaboration between a high-end designer and a mass merchandiser. The new one-level, 94,000sqft (8,700m2) format stores focus on convenience with wider aisles and centralized checkouts. Shashoua, who also serves as chief investment officer of . Jan 13, 2022. by George Anderson. Penney's CEO, who joined the company in November after serving as executive vice president and president of Levi Strauss Americas, announced the additions of Sharmeelee Bala . The Golden Rule Store expands to 3 stores with annual sales of $166,313. The continued hoopla over the brand's success had even prompted longtime rival Sears to jump into the proprietary denim fray with its own line, Canyon River Blues. [99], On May 15, 2020, J. C. Penney filed for Chapter 11 bankruptcy and announced that there would be an additional 242 store closings, blaming the COVID-19 pandemic for its action. The company's five regional operations were narrowed to four in 1988 to make communication between merchandising divisions and stores easier. [101] On December 17, 2020, JCPenney announced that they would close 15 additional stores in March 2021. The cash-only business consists of 773 stores and sales of $115 million. Executive Summary. With this deal, Sephora will 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 Kohls. Atlanta was only the beginning. 1907: James Cash Penney buys out his original partners and assumes sole control of the business. 1922: Penney operates 371 stores with annual sales of $49 million. 2013. 1988: JCPenney relocates its New York corporate headquarters, located at Avenue of the Americas and 52th Street, to Plano, Texas. 2019: Jill Soltau, named CEO in October 2018, helps develop a new concept store for JCPenney. - Introduced successful Sephora cosmetics shop-within-shop concept. The company also introduced a communications system for broadcasting directly to its stores using satellite transmissions from headquarters. This year also found Oesterreicher promoted to vice chairman and CEO, W. Barger Tygart named president, and Howell in his 11th year as chairman. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine.

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