JC Penney
American businessman
Died when: 95 years 149 days (1144 months)Star Sign: Virgo
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Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, was a midscale American department store chain operating 667 stores across 49 U.S. states and Puerto Rico.
Departments inside JCPenney stores include Mens, Womens, Boys, Girls, Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, The Salon by InStyle, Sephora inside JCPenney, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.
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.
In May 2020, JCPenney filed for Chapter 11 bankruptcy protection and, 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. In May 2022, the company announced that they are moving back to their Plano headquarters.
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