JCPenney
Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.
JCPenney store at Aventura Mall in 2006 | |
Trade name | JCPenney |
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| Formerly | J. C. Penney Company, Inc. |
| Company type | Joint venture |
Traded as |
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| Industry | Retail |
| Founded | April 14, 1902 Kemmerer, Wyoming, U.S. (J. C. Penney Company) |
| Founders |
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| Headquarters | Plano, Texas, U.S. |
Number of locations | 663 |
Area served | United States (excluding Hawaii) |
Key people | |
| Products |
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| Revenue | US$11.167 billion (2019) |
| −US$8 million (2019) | |
Net income | −US$268 million (2019) |
| Total assets | US$5.900 billion (2021) |
| Total equity | US$829 million (2019) |
| Owners | Simon Property Group, Brookfield Asset Management |
Number of employees | 60,000 (Aug. 2021) |
| Website | jcpenney |
| Footnotes / references | |
Most JCPenney stores were initially located in downtown areas, but, as shopping malls 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 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 bankruptcy protection in May 2020, in September 2020, Brookfield Asset Management and Simon Property Group agreed to purchase the company for around $800 million in cash and debt. The deal was approved by the U.S. bankruptcy court for the Southern District of Texas two months later.