Its departments include men's, women's and children's apparel, cosmetics, jewelry, and home furnishings along with leased departments managed by Shearshare, US Vision and Lifetouch. The chain focuses on lifestyle products for middle class households.
JCPenney was founded in as a group of dry goods stores that James Cash Penney managed as part of the Golden Rule chain, and incorporated under his own name in The stores initially located in downtown areas but shifted to shopping malls during the s.
The chain struggled in the early 21st century amid the rise of internet retail and the decline of mall traffic, and stay-home measures during the COVID pandemic forced it into Chapter 11 bankruptcy in May It emerged from bankruptcy under the joint ownership of mall operators Simon Property Group and Brookfield Properties , [ 6 ] later joined by Authentic Brands Group as a minority owner.
James Cash Penney was born in Hamilton, Missouri. After 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 improve his health. Using money from savings and a loan, Penney joined the partnership and moved with his wife and infant son to Kemmerer, Wyoming , to start his own store. In , Penney moved his company headquarters to Salt Lake City , Utah, to be closer to banks and railroads.
By , Penney had 34 stores in the Rocky Mountain States. In , the company was incorporated under the new name, J. In , the headquarters was moved to New York City to simplify buying, financing, and transportation of goods.
