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About J. C. Penney Company, Inc.

J. C. Penney Company is a holding company for 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 in about 845 JCPenney department stores across the country and in Puerto Rico. Its stores are mostly found in suburban shopping malls, and sell clothing for men, women, and children, as well as footwear and accessories Some stores contain styling salons, optical centers, and portrait studios as well as shop-in-shops such as Sephora cosmetics. J. C. Penney Corp. has been closing stores amid a tough retail environment.

Bankruptcy

In mid-2020, as coronavirus crashes, the company filed for bankruptcy protection with plans to permanently close some stores.

Operations

J. C. Penney Corp. has strength in a broad range of product categories, including apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings. Its leading categories are women's and men's apparel, together accounting for about 45% of total sales. Home goods and women's accessories (including Sephora cosmetics) account for approximately 25% of sales. The remaining of revenue comes from footwear and handbags, children's items, jewelry, and services and others.

Geographic Reach

Headquartered in Plano, TX, J. C. Penney Corp. has a presence throughout the continental US, Alaska, and Puerto Rico. Its top markets include Texas (more than 80 stores), California (about 75), Florida (nearly 50), New York (about 40), and Ohio (more than 35). The company operated in about 845 department stores, of which more than 385 were owned, including approximately 110 stores on ground leases in about 50 states.

Its supply chain network operates about a dozen facilities in California, Connecticut, Georgia, Kansas, Ohio, Nevada, North Carolina, Texas, and Utah.

Sales and Marketing

J.C Penney Corp. sells merchandise and services to consumers through its department stores and its website (jcp.com). The company fulfills online customer purchases by direct shipment to the customer from its distribution facilities and stores or from its suppliers' warehouses and by in store customer pick up.

The company markets its products via newspaper, television, internet search marketing, radio, and other media. Total advertising costs, net of cooperative advertising vendor reimbursements of $20 million, $26 million and $27 million for 2019, 2018 and 2017, respectively, were $624 million, $698 million and $714 million, respectively.

Financial Performance

J. C. Penney's sales has an overall decline of 12% between 2015 and 2019. The company has suffered consecutive net losses in the same period.

Total net sales were $10,716 million, a decrease of 8.1% as compared to 2018, and comparable store sales decreased 7.7% for the year.

Net loss was $268 million, or $0.84 per share, compared to a net loss of $255 million, or $0.81 per share, in 2018.

Cash at the end of fiscal 2019 was $86 million, an increase of $53 million from the prior year. Cash from operations contributed $428 million to the coffers, while investing activities used $276 million, mainly for capital expenditures. Financing activities used another $99 million for payments of borrowings under the credit facility.

Strategy

In mid-2020, J. C. Penney took the first step in implementing its store optimization strategy. Following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit for the Company, JCPenney identified the first phase of 154 store closures.

The Company expects additional phases of store closing sales will begin in the coming weeks. As the Company remains focused on its Plan for Renewal and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com. Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete.

Company Background

J. C. Penney was founded by James Cash Penney in Kemmerer, Wyoming, in 1902. The first store was named The Golden Rule. 

The company was incorporated in 1924 and transitioned to a holding company structure in 2002.

J. C. Penney Company, Inc.

6501 Legacy Dr
Plano, TX 75024-3698
Phone: 1 (972) 431-1000

Firm Stats

Employer Type: Publicly Owned
EVP and CFO: Jeffrey Davis
Chairman and CEO: Marvin R. Ellison
EVP and CIO: Therace M. Risch
Employees (This Location): 324
Employees (All Locations): 90,000

Major Office Locations

Plano, TX

Other Locations

Anchorage, AK
Alabaster, AL
Andalusia, AL
Dothan, AL
Enterprise, AL
Florence, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Oxford, AL
Prattville, AL
Scottsboro, AL
Spanish Fort, AL
Trussville, AL
Tuscaloosa, AL
Batesville, AR
Conway, AR
El Dorado, AR
Fayetteville, AR
Fort Smith, AR
Harrison, AR
Hot Springs, AR
Jonesboro, AR
Little Rock, AR
North Little Rock, AR
Pine Bluff, AR
Rogers, AR
Russellville, AR
Searcy, AR
Casa Grande, AZ
Chandler, AZ
Cottonwood, AZ
Douglas, AZ
Flagstaff, AZ
Glendale, AZ
Goodyear, AZ
Kingman, AZ
Lake Havasu City, AZ
Mesa, AZ
Nogales, AZ
Peoria, AZ
Phoenix, AZ
Prescott, AZ
Show Low, AZ
Tempe, AZ
Tucson, AZ
Yuma, AZ
Antioch, CA
Arcadia, CA
Bakersfield, CA
Brea, CA
Buena Park, CA
Carlsbad, CA
Carson, CA
Chico, CA
Chino, CA
Chula Vista, CA
Citrus Heights, CA
Concord, CA
Culver City, CA
Cupertino, CA
Daly City, CA
Delano, CA
Downey, CA
El Cajon, CA
El Centro, CA
Escondido, CA
Fairfield, CA
Fresno, CA
Glendale, CA
Grass Valley, CA
Hanford, CA
Hayward, CA
Hemet, CA
Huntington Park, CA
Laguna Hills, CA
Lakewood, CA
Lathrop, CA
Los Banos, CA
Manteca, CA
Merced, CA
Montclair, CA
Montebello, CA
Moreno Valley, CA
National City, CA
Newark, CA
Northridge, CA
Palmdale, CA
Palm Desert, CA
Paso Robles, CA
Pleasant Hill, CA
Pleasanton, CA
Rancho Cucamonga, CA
Redding, CA
Redlands, CA
Riverside, CA
Sacramento, CA
Salinas, CA
San Bruno, CA
San Diego, CA
San Jose, CA
Santa Ana, CA
Santa Clarita, CA
Santa Maria, CA
Santa Rosa, CA
Selma, CA
Stockton, CA
Temecula, CA
Thousand Oaks, CA
Torrance, CA
Tracy, CA
Turlock, CA
Ukiah, CA
Ventura, CA
Victorville, CA
Visalia, CA
West Covina, CA
Westminster, CA
Whittier, CA
Woodland, CA
Yreka, CA
Yuba City, CA
Yucca Valley, CA
Alamosa, CO
Aurora, CO
Brighton, CO
Colorado Springs, CO
Denver, CO
Durango, CO
Fort Collins, CO
Grand Junction, CO
Greeley, CO
Littleton, CO
Montrose, CO
Pueblo, CO
Westminster, CO
Danbury, CT
Farmington, CT
Manchester, CT
Torrington, CT
Trumbull, CT
Waterbury, CT
Waterford, CT
Dover, DE
Newark, DE
Wilmington, DE
Altamonte Springs, FL
Apopka, FL
Boynton Beach, FL
Bradenton, FL
Brandon, FL
Cape Coral, FL
Clearwater, FL
Clermont, FL
Coral Springs, FL
Cutler Bay, FL
Davenport, FL
Daytona Beach, FL
Doral, FL
Fort Myers, FL
Gainesville, FL
Hialeah, FL
Jacksonville, FL
Jensen Beach, FL
Kissimmee, FL
Lake City, FL
Lakeland, FL
Lake Wales, FL
Mary Esther, FL
Merritt Island, FL
Miami, FL
Naples, FL
Ocala, FL
Ocoee, FL
Orange Park, FL
Orlando, FL
Panama City, FL
Panama City Beach, FL
Pembroke Pines, FL
Pensacola, FL
Plantation, FL
Pompano Beach, FL
Port Charlotte, FL
Saint Augustine, FL
Saint Petersburg, FL
Sanford, FL
Sarasota, FL
Sebring, FL
Spring Hill, FL
Tallahassee, FL
Tampa, FL
Vero Beach, FL
Wellington, FL
Wesley Chapel, FL
Albany, GA
Alpharetta, GA
Athens, GA
Atlanta, GA
Brunswick, GA
Buford, GA
Centerville, GA
Columbus, GA
Douglasville, GA
Duluth, GA
Fayetteville, GA
Forest Park, GA
Gainesville, GA
Hiram, GA
Kennesaw, GA
Lagrange, GA
Lithonia, GA
Mcdonough, GA
Newnan, GA
Rome, GA
Savannah, GA
Statesboro, GA
Valdosta, GA
Waycross, GA
Ames, IA
Carroll, IA
Cedar Rapids, IA
Coralville, IA
Council Bluffs, IA
Davenport, IA
Dubuque, IA
Marshalltown, IA
Sioux City, IA
Spencer, IA
West Des Moines, IA
Boise, ID
Coeur D Alene, ID
Idaho Falls, ID
Lewiston, ID
Nampa, ID
Pocatello, ID
Ponderay, ID
Twin Falls, ID
Algonquin, IL
Alton, IL
Aurora, IL
Bourbonnais, IL
Calumet City, IL
Carbondale, IL
Champaign, IL
Chicago, IL
Freeport, IL
Jacksonville, IL
Johnsburg, IL
Joliet, IL
Lombard, IL
Mattoon, IL
Mokena, IL
Moline, IL
Montgomery, IL
Mount Vernon, IL
Niles, IL
North Aurora, IL
Orland Park, IL
Peoria, IL
Riverside, IL
Rockford, IL
Schaumburg, IL
Springfield, IL
Vernon Hills, IL
Clarksville, IN
Elkhart, IN
Evansville, IN
Fort Wayne, IN
Granger, IN
Greenwood, IN
Indianapolis, IN
Kokomo, IN
Lafayette, IN
Madison, IN
Merrillville, IN
Mishawaka, IN
Muncie, IN
Noblesville, IN
Plainfield, IN
Plymouth, IN
Richmond, IN
Seymour, IN
Valparaiso, IN
Vincennes, IN
Dodge City, KS
Emporia, KS
Garden City, KS
Hays, KS
Kansas City, KS
Liberal, KS
Manhattan, KS
Overland Park, KS
Pittsburg, KS
Salina, KS
Shawnee Mission, KS
Topeka, KS
Wichita, KS
Ashland, KY
Bowling Green, KY
Campbellsville, KY
Corbin, KY
Danville, KY
Elizabethtown, KY
Florence, KY
Frankfort, KY
Hazard, KY
Hopkinsville, KY
Lexington, KY
Louisville, KY
Maysville, KY
Middlesboro, KY
Mount Sterling, KY
Murray, KY
Owensboro, KY
Paducah, KY
Pikeville, KY
Richmond, KY
Somerset, KY
Alexandria, LA
Baton Rouge, LA
Bossier City, LA
Covington, LA
Gretna, LA
Hammond, LA
Houma, LA
Lafayette, LA
Lake Charles, LA
Metairie, LA
Monroe, LA
Shreveport, LA
Hadley, MA
Leominster, MA
Marlborough, MA
North Attleboro, MA
North Dartmouth, MA
Peabody, MA
Sturbridge, MA
Wareham, MA
Winthrop, MA
Abingdon, MD
Annapolis, MD
Baltimore, MD
California, MD
Columbia, MD
Forestville, MD
Frederick, MD
Gaithersburg, MD
Glen Burnie, MD
Hagerstown, MD
Hyattsville, MD
Lanham, MD
Lavale, MD
Waldorf, MD
Wheaton, MD
Auburn, ME
Bangor, ME
Presque Isle, ME
South Portland, ME
Waterville, ME
Alma, MI
Alpena, MI
Ann Arbor, MI
Bay City, MI
Benton Harbor, MI
Big Rapids, MI
Burton, MI
Cadillac, MI
Canton, MI
Chesterfield, MI
Dearborn, MI
Flint, MI
Fort Gratiot, MI
Grand Rapids, MI
Grandville, MI
Greenville, MI
Jackson, MI
Lansing, MI
Mount Pleasant, MI
Muskegon, MI
Novi, MI
Okemos, MI
Owosso, MI
Petoskey, MI
Portage, MI
Roseville, MI
Saginaw, MI
Sterling Heights, MI
Taylor, MI
Traverse City, MI
Troy, MI
Westland, MI
White Lake, MI
Burnsville, MN
Detroit Lakes, MN
Duluth, MN
Eden Prairie, MN
Hopkins, MN
Mankato, MN
Maplewood, MN
Minneapolis, MN
Osseo, MN
Rochester, MN
Saint Cloud, MN
Saint Paul, MN
Willmar, MN
Worthington, MN
Cape Girardeau, MO
Columbia, MO
Farmington, MO
Fenton, MO
Hannibal, MO
Independence, MO
Jefferson City, MO
Joplin, MO
Kansas City, MO
Kirksville, MO
Lees Summit, MO
O Fallon, MO
Poplar Bluff, MO
Rolla, MO
Saint Joseph, MO
Saint Louis, MO
Saint Peters, MO
Sedalia, MO
Sikeston, MO
Springfield, MO
Washington, MO
West Plains, MO
Biloxi, MS
Flowood, MS
Greenwood, MS
Hattiesburg, MS
Laurel, MS
Mccomb, MS
Ridgeland, MS
Southaven, MS
Starkville, MS
Tupelo, MS
Billings, MT
Bozeman, MT
Great Falls, MT
Kalispell, MT
Missoula, MT
Burlington, NC
Cary, NC
Concord, NC
Durham, NC
Fayetteville, NC
Goldsboro, NC
Greensboro, NC
Greenville, NC
Henderson, NC
Hickory, NC
Jacksonville, NC
Lumberton, NC
Matthews, NC
Mount Airy, NC
New Bern, NC
Pineville, NC
Raleigh, NC
Rockingham, NC
Rocky Mount, NC
Sanford, NC
Statesville, NC
Wilmington, NC
Winston Salem, NC
Bismarck, ND
Fargo, ND
Grand Forks, ND
Minot, ND
Williston, ND
Columbus, NE
Grand Island, NE
Kearney, NE
Lincoln, NE
Norfolk, NE
Omaha, NE
Papillion, NE
Concord, NH
Keene, NH
Manchester, NH
Nashua, NH
Newington, NH
North Conway, NH
Rochester, NH
Salem, NH
West Lebanon, NH
Cherry Hill, NJ
East Brunswick, NJ
Eatontown, NJ
Freehold, NJ
Jersey City, NJ
Mays Landing, NJ
Rockaway, NJ
Toms River, NJ
Trenton, NJ
Vineland, NJ
Wayne, NJ
Woodbridge, NJ
Woodbury, NJ
Alamogordo, NM
Albuquerque, NM
Clovis, NM
Farmington, NM
Gallup, NM
Hobbs, NM
Las Cruces, NM
Roswell, NM
Santa Fe, NM
Carson City, NV
Elko, NV
Henderson, NV
Las Vegas, NV
Reno, NV
Albany, NY
Amherst, NY
Auburn, NY
Batavia, NY
Bay Shore, NY
Blasdell, NY
Bronx, NY
Canandaigua, NY
Cheektowaga, NY
Clifton Park, NY
Cortland, NY
Elmhurst, NY
Garden City, NY
Horseheads, NY
Johnson City, NY
Lake Grove, NY
Massena, NY
Middletown, NY
New Hartford, NY
New York, NY
Olean, NY
Oneonta, NY
Oswego, NY
Plattsburgh, NY
Poughkeepsie, NY
Queensbury, NY
Rochester, NY
Rome, NY
Saratoga Springs, NY
Staten Island, NY
Valley Stream, NY
Victor, NY
Watertown, NY
Williamsville, NY
Akron, OH
Alliance, OH
Ashtabula, OH
Avon, OH
Beavercreek, OH
Bellefontaine, OH
Canton, OH
Chillicothe, OH
Cincinnati, OH
Columbus, OH
Dayton, OH
Defiance, OH
Dublin, OH
East Liverpool, OH
Elyria, OH
Fairfield Township, OH
Fairlawn, OH
Heath, OH
Lancaster, OH
Lima, OH
Mansfield, OH
Maumee, OH
Mentor, OH
Niles, OH
North Olmsted, OH
Parma, OH
Piqua, OH
Sandusky, OH
Steubenville, OH
Strongsville, OH
Toledo, OH
Youngstown, OH
Zanesville, OH
Ardmore, OK
Enid, OK
Lawton, OK
Mcalester, OK
Midwest City, OK
Moore, OK
Muskogee, OK
Norman, OK
Oklahoma City, OK
Owasso, OK
Shawnee, OK
Tulsa, OK
Bend, OR
Eugene, OR
Mcminnville, OR
Medford, OR
Portland, OR
Roseburg, OR
Salem, OR
Altoona, PA
Burnham, PA
Butler, PA
Camp Hill, PA
Clarion, PA
Du Bois, PA
Erie, PA
Greensburg, PA
Hanover, PA
Harrisburg, PA
Hermitage, PA
Indiana, PA
Johnstown, PA
Lancaster, PA
Langhorne, PA
Monaca, PA
Monroeville, PA
North Wales, PA
Pittsburgh, PA
Reading, PA
Scranton, PA
Stroudsburg, PA
Tarentum, PA
Uniontown, PA
West Mifflin, PA
Whitehall, PA
Wilkes Barre, PA
Warwick, RI
Westerly, RI
Anderson, SC
Beaufort, SC
Columbia, SC
Florence, SC
Greenville, SC
Greenwood, SC
Myrtle Beach, SC
North Charleston, SC
Orangeburg, SC
Rock Hill, SC
Spartanburg, SC
Sumter, SC
Brookings, SD
Rapid City, SD
Chattanooga, TN
Clarksville, TN
Cleveland, TN
Columbia, TN
Cookeville, TN
Dyersburg, TN
Farragut, TN
Franklin, TN
Goodlettsville, TN
Jackson, TN
Johnson City, TN
Kingsport, TN
Knoxville, TN
Maryville, TN
Mcminnville, TN
Memphis, TN
Mount Juliet, TN
Murfreesboro, TN
Oak Ridge, TN
Tullahoma, TN
Abilene, TX
Arlington, TX
Austin, TX
Baytown, TX
Beaumont, TX
Brownsville, TX
Burleson, TX
Cedar Hill, TX
Cedar Park, TX
College Station, TX
Conroe, TX
Corpus Christi, TX
Cypress, TX
Dallas, TX
Del Rio, TX
Denton, TX
Eagle Pass, TX
Edinburg, TX
El Paso, TX
Flower Mound, TX
Fort Worth, TX
Friendswood, TX
Frisco, TX
Greenville, TX
Harlingen, TX
Haslet, TX
Houston, TX
Humble, TX
Huntsville, TX
Hurst, TX
Katy, TX
Kerrville, TX
Killeen, TX
Lake Jackson, TX
Laredo, TX
Longview, TX
Lubbock, TX
Lufkin, TX
Mcallen, TX
Mckinney, TX
Mesquite, TX
Midland, TX
New Braunfels, TX
Odessa, TX
Palestine, TX
Paris, TX
Pasadena, TX
Pearland, TX
Plano, TX
Port Arthur, TX
Rockwall, TX
Rosenberg, TX
Round Rock, TX
San Angelo, TX
San Antonio, TX
San Marcos, TX
Sherman, TX
Sugar Land, TX
Temple, TX
Texarkana, TX
The Woodlands, TX
Tyler, TX
Victoria, TX
Waco, TX
Waxahachie, TX
Weatherford, TX
Weslaco, TX
Wichita Falls, TX
Layton, UT
Logan, UT
Provo, UT
Riverdale, UT
Salt Lake City, UT
Sandy, UT
South Jordan, UT
Spanish Fork, UT
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