J. C. Penney Company is a holding company for struggling department store operator J. C. Penney Corp. One of the largest department store and e-commerce retailers in the US, J. C. Penney Corp. operates some 1,100 JCPenney department stores in 49 states and Puerto Rico, and about 10 Foundry Big & Tall Supply Co. stores. J. C. Penney Corp., its only subsidiary, was founded in 1902 by James Cash Penney. In a bid to revive the aging chain, Penney hired -- and has since fired -- former Apple stores chief Ron Johnson as CEO. Following a disastrous decline in the business, ex-CEO Myron Ullman returned to lead the company. He will be succeeded by former Home Depot executive Marvin Ellison in mid-2015.