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 (launched in 2011). 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. J. C. Penney Co. was formed in 2002 and is the publicly traded entity.