Treasury drug stores A chain of stand alone drug stores that were also branded with the Treasury nameplate. Those stores expanded the lines of merchandise and services that an average J. C. Penney carried to include appliances, sporting goods, tools, garden\lawn merchandise, restaurants, beauty salons, portrait studios, auto parts, and auto centers. Generating $260million from the sale as it discontinues its operations with Renner and its Latin American footholds as well.[36][37]. 1977: "This is JCPenney" becomes the company slogan. Also in 1984, JCPenney purchased the First National Bank of Harrington, Delaware, and renamed it J.C. Penney National Bank, to assist in credit and financial services. Seibert remained chairman, Neppl moved to the new vice chairmanship, and William Howell was made an executive vice president. In October 2021 the company opened 10 new shop-in-shop locations across the US, featuring a wide variety of brands, including indie and BIPOC brands, including flagship partner Thirteen Lune. Atlanta was only the beginning. Other big retailers started in mail-order and then launched into retail stores. At the same time, William Batten, a vice-president, conducted a study in 1957; the results indicated the company should adapt to changing consumer spending habits, especially by beginning to sell on credit instead of for cash only. This was the first time shares fell below $1 ever in the 110-year history of the company, which started trading on the New York Stock Exchange in 1929. New York CNN Business . JC Penney left Chile in 1999, after five years in the country it closed down its home store and sold its main store in Santiago to Almacenes Paris. Will your store shutter? This store was located at Black Horse Pike Center in Audubon, New Jersey. For the first time in our nation's history, Executive Order 12898 recognized and sought to address what community members and leaders had been saying for decades: harmful pollution . - Hired from fabric and crafts seller Jo-Ann Stores, she confronted continued falling sales and financial losses. Web. The company operated in-store catalog desks in eight states. [63][64], During the spring of 2013, a kettle sold by the company attracted controversy when many users of social media pointed out its resemblance to Adolf Hitler, with the kettle being dubbed the Hitler teapot. It was the largest J. C. Penney until a 300,000-square-foot (28,000m2) store was dedicated at Greater Chicago's Woodfield Mall in 1971. [20] and its revenues reached $5billion (equivalent to $33.5billion in 2023) for the first time and catalog business made a profit for the first time. As consumers, we often take for granted all the hard work that goes into building a great company. It is unclear whether she was fired or resigned. In a regulatory filing, it was disclosed that J.C. Penny CEO Jill Soltau received a $4.5 million bonus. The next year, Hughes became chairman and Batten became president. [54], In August, J. C. Penney began rolling out a store-within-a-stores with different jean brands and had plans to eventually roll out 100 shops in 683 stores. JCPenney's stock plunged from a high of $51 a share to $17. The launch, which was accompanied by an ad campaign during the 80th Academy Awards, was the company's largest private brand launch. In 1925 when the company's 674 stores generated sales of $91 million, Penney was again giving some of his good fortune back, this time in establishing the J.C. Penney Foundation to fund a myriad of family-related agencies. The space that became available was then used for women's apparel. The stores are reconfigured into separate shops. Thrift Drug, the 10th largest drugstore chain in the nation with 645 stores in 12 states, had sales of nearly $1.9 billion in '95 (a 20.2 percent increase) and plans for new outlets in North Carolina and New Jersey. Eckerd operates 2,699 stores in 23 states. [69] J. C. Penney's stock continued its decline until their first quarter results in 2014 showed signs of improvement, and sent the share value back into the double digits. In 1995 JCPenney's recovery lost its momentum, falling short of both its own and analysts' expectations. 1974: In addition to shopping mall expansions, JCPenney establishes a plan to build smaller retail stores in less urban areas. In 1983 JCPenney announced a $1 billion program to give its stores facelifts and rearrange merchandise. By the opening of the 1,000th store in 1928, gross business had reached $190million (equivalent to $3billion in 2023). With the $14 million remodeling of its key store in Atlanta, JCPenney rolled out the prototype of its latest store design. Kramer consequently laid off 1,600 employees to change the company's workplace culture. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992. While the company responded to a shaky economy and adjusted its retail businesses accordingly, its insurance division far outshined other operations with a pre-tax income surge of 44 percent from 1990's $55 million to $79 million in 1991. ", "JCPenney Unveils Linden Street Home Brand Bedding Collection", "Metropolitan Buys J.C. Penney Casualty Insurance", "X over it J. C. Penney's gas station and auto center", https://en.wikipedia.org/w/index.php?title=JCPenney&oldid=1150614618, St. John's Bay, casual clothing and shoes for men and women, including Big & Tall (men) and Plus (women), St. John's Bay Outdoor, men's outdoor apparel, Xersion, active and athletic clothing for men, women and children, Worthington, women's formal and casual clothing and shoes, a.n.a, young women's urban clothing and shoes, Ambrielle, women's sleepwear, intimates, and swim, Stafford, men's tailored/fitted clothing and shoes, J. Ferrar, men's full line of slim-fitting clothing,including Big & Tall, Collection by Michael Strahan, men's suits, ties, and cuff links, Mutual Weave, men's denim and casual outerwear, Marilyn Monroe, women's vintage collection. In 1986 JCPenney acquired Units, a chain of stores selling contemporary knitwear and by the next year the company was well on its way to achieving the goals it set forth in 1982. Financial issues, including massive debt, continue to hang dark clouds over the firm. his first store (left) with the new Hammond, Indiana, store. )[29], On December 9, 1998, The New York Times reported JCPenney would acquire controlling interest of Lojas Renner for a little over $33 million, which increased the company's maneuvering ability with their already existing units in Chile, Mexico and Puerto Rico. [40] That year, J. C. Penney reached an agreement with Seattle's Best Coffee to feature full-service cafes within leased departments inside J. C. Penney stores across the country. JCPenney CEO's of the past and present have taken very different approaches to solving this problem and that will be discussed throughout this paper. Walton later founded retailer Walmart in 1962. Penney's CEO, who joined the company in November after serving as executive vice president and president of Levi Strauss Americas, announced the additions of Sharmeelee Bala . Beginning in 2007, J. C. Penney's store slogan changed from "It's All Inside" to "Every Day Matters." In the early 21st century the company operated more than 800 stores in the United States and Puerto Rico. Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. With over 1,200 stores in all 50 states as well as Puerto Rico, Mexico, and Chile, J.C. Penney Company, Inc. (JCPenney) is the largest department-store retailer and catalog merchant in the United States, with licensing agreements for its products throughout the world. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968. The company boomed in its early days in Western mining towns because it offered all goods at "one fair price" and brought fashionable goods from the East to remote towns. While the company was riding high on these achievements, the recession that began in 1974 took its toll. This list features past and present top J.C. Penney managers, including both current and retired J.C. Penney executives and alumni. "JC Penney History 1902-59: Early history and incorporation James Cash Penney was born in Hamilton, MO. [102][103] As of June 2021, there have been a total of 175 store closures. The move stood in contrast with CEO Mike Ullman's remarks from earlier that day, whereby he did not foresee "conditions for the rest of the year that would warrant raising liquidity". Marketing expert John Tantillo advised that the company distance itself from the commercial and also shed the publicity it engendered.[126]. The jcpenney.com website becomes the largest online retailer of apparel and home furnishings. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. Although she didn't mastermind the Dallas-based retailer's remarkable. This gave the company the cost-saving advantages of being centralized, but also allowed it to be sensitive to fashion and seasonal preferences in local markets. JCPenney announced Oct. 25 the appointment of Marc Rosen as CEO, effective Nov. 1. - In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc LOW.N. [84] The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue. In April 2022, JCPenney's ownersSimon and Brookfield offered $8.6 billion to purchase Kohl's. Retail analysts who followed JCPenney called the company's decision difficult but necessary. 2015. Also in 1983, it began selling goods online through the Viewtron videotex service. To retain its claim as the U.S.'s largest department store, especially with old foe Sears pounding on the door, JCPenney's executives turned up the heat with more private label brands and, oddly enough, coffee. 2013. A major reorganization of the company from a mass marketer into a fashion-oriented national department store during the 1980s, along with the relocation of its corporate headquarters from New York to less expensive Texas, put JCPenney in a strong position to compete in the tough retailing climate of the 1990s. He was 26 years old and had grown up on a farm near Hamilton, Missouri. Strategic choices made by Johnson a year earlier, including the change in pricing strategy, were being called into question. J. C. Penney finished the quarter with just $181million in cash, down from $363million a year ago. Yet regardless of JCPenney's retail store performance, its lesser known businesses, comprised of its drugstore chain, insurance, and banking services divisions, scored rather well for the year. But the old problems that have faced Penney and other mall-based . A year before its 50th anniversary, the company reached its goal of $1 billion in sales. J.C. Penney purchases the Milwaukee-based General Merchandise Company and enters the catalog mail order business. In 2005, J. C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time. [27][28] Then in November 1996 they acquired the Eckerd chain. Earnings rebounded as a result, rising from $4.11 per share in 1987 to $5.92 in 1988 from total sales of $14.8 billion. [66] Various analysts have mixed reviews of J. C. Penney's future. [75] The land has since been broken up and sold/developed. J.C. Penney's new owners are looking for a new leader for the struggling retailer, which emerged from bankruptcy earlier this month. Walter Neppl became president in 1976 (Siebert was still chairman), and the company launched its women's fashion program in five markets, designed to help the company compete against specialty stores cropping up in malls. [99], On May 15, 2020, J. C. Penney filed for Chapter 11 bankruptcy and announced that there would be an additional 242 store closings, blaming the COVID-19 pandemic for its action. Penney enters the appliance business with its Penncrest brand, manufactured by GE Hotpoint. The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. The company also launched a massive leveraged employee stock ownership plan (LESOP) in 1988. JCPenney's new owners, Simon Property Group and Brookefield Asset Management, which purchased the ailing retailer after it filed for bankruptcy in May, have launched a search for a new CEO to replace Soltau. It also reorganized its executive structure around the office of the chairman. The company discontinues its Treasury discount store brand. [83] Sales fell 4%, also missing estimates. May 15, 2020: JCPenney files for Chapter 11 bankruptcy protection. Unfortunately, Fridays filing wasnt entirely unexpected. JCPenney was different from many of its competitors with its late entry into the catalog mail-order business. ", "J.C. Penney, Macy's to shut stores, lay off scores", "J.C. Penney targets millennials with a return to the appliance business", "JC Penney takes on lease 130,000 sq ft in Bengaluru", "J.C. Penney Is Selling Its Headquarters for $353 Million", "J.C. Penney is Selling Its Headquarters for $353 Million", "JC Penney Closing 140 Stores in Early 2017", J.C. Penney Is Closing These 138 Stores This Spring, "J.C. Penney Opening "Jacques Penne" Pop-Up Shop", "Nicole Richie tells us her beauty resolution for 2018 and the products on her holiday wish list", "J.C. Penney is closing a Wisconsin distribution center and 8 stores", "JC Penney taps former Joann Stores chief Jill Soltau as its CEO, sending shares up more than 10%", "Penney's First Female CEO Says Her Turnaround Will Be the One to Work", "Jill Soltau's Slow Approach To Save JC Penney May Be As Dangerous As Ron Johnson's Quick Attempt", "JCPenney stock falls below $1 for the first time ever", "JCPenney is ditching appliances and most furniture from its stores", "JCPenney plans to close 27 stores as sales sink", "J.C. Penney Taps New CFO as Retailer Fights Falling Sales", "JCPenney names new chief customer officer", "JCPenney, Kohl's disappoint and stocks crater", "J. C. Penney to close six stores and a call center", "Soltau And Team Taking $10 Million In Bonuses Out Of Sinking Penney", "NYSE to Suspend Trading in J. C. Penney Company (JCP)", "Coronavirus (COVID-19) Response Penney IP LLC", "JC Penney is closing 13 more stores. A sixth catalog distribution center was also opened in 1982, in Manchester, Connecticut. The company--now with 1,602 stores--opened a store in Hampton Village, Missouri, in 1949 in a "drive-in shopping district," a precursor to suburban malls. He established a central buying and accounting office in Salt Lake City, Utah, in 1909, and had 34 stores with more than $2 million in sales by 1912. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney didn't want to accept mining company scrip or credit. Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur. "Marc joins JCPenney following a year of focused work to stabilize . Here's a map of where they are", "Bankrupt JCPenney Is Closing its Manhattan Mall and Kings Plaza Locations in NYC", "J.C. Penney closing more stores after exiting bankruptcy. - Eliminated Penneys catalog. Michael Kramer, JCPenney's chief operating officer, came in . April 14, 1902: James Cash Penney, along with two partners, opens the 25-foot by 40-foot Golden Rule Store in the mining town of Kemmerer, Wyoming. A hip redesign of the Plain Pockets line, Arizona quickly eclipsed JCPenney's expectations, prompting a slew of additional designs in different sizes and colors. JCPenney locations that are listed on the National Register of Historic Places (NRHP): This article is about the department store chain. The store, along with the entire mall, closed by the end of 2007. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in J. C. Penney stores, The Treasury stores, and Thrift Drug stores. Annual. The company also began accepting American Express cards. The next year, the full brunt of the recession and the Gulf War hit consumers and JCPenney rather hard. The company dedicated its first full-line shopping-center department store in 1961. The company reports an accumulated $3.7 deft load on February 1. During World War II, the company sold a record number of war bonds through its stores. Shoppers at regional malls were there to buy clothes and accessories, not washing machines and paint, and JCPenney was poised to take better advantage of these spending habits. In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. JCPenney employs 267,000 associates. 18. [111][112][113] On July 8, J. C. Penney submitted their bankruptcy exit plan to existing lenders, and also requested more time for negotiations. Source: International Directory of Company Histories, Vol. Three top executives, including the chief financial officer Bill Wafford, chief merchant. Its unsustainable debt load, compounded by COVID-19, just pushed it over the edge. Jan 13, 2022. by George Anderson. On February 12, 1971, James Cash Penney died at the age of 95; the company's stores were closed the morning of his funeral on February 16. After his success at Apple and Target, Johnson was hired as chief executive officer by JCPenney in November 2011, succeeding Mike Ullman, who had served as CEO for the preceding seven years. [93], On January 19, 2020, J. C. Penney announced plans to close six stores. JCPenney has a new CEO. Developing fears of COVID-19 create anxiety within the corporate headquarters, in addition to shoppers. The next year, it mailed its first JCPenney catalog. JCPenney sells Renner in 2005. In 1929 the company was listed on the New York Stock Exchange. 1990: The company slogan becomes Where Fashion Comes to Life. A study shows that 70% of JCPenneys customers are female. [21] However, the company was hard hit by the 1974 recession with its stock price declining by two-thirds. 1952: Penneys passes the $1 billion mark in annual sales. In February 2012, JCPenney, renamed JCP, institutes a Fair Square pricing policy that eliminates sales and promotions. The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone. Penney establishes a line of large discount department stores named Treasure Island in the Upper Midwest. 2009: After 46 years, Penneys discontinues its popular catalog, along with its large network of Outlet Stores. [89] On February 28, J. C. Penney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores. They included a relaunch of Le Tigre, along with Decree, and Fabulosity, a junior line of clothing by Kimora Lee Simmons. Tucker Carlson. [80][81], In 2018, J. C. Penney closed permanently at Plaza Palma Real in Humacao, Puerto Rico, after Hurricane Maria devastated the store in September 2017. To continue expanding the credit policies of the company, JCPenney began accepting Visa in 1979; MasterCard was accepted the next year. Popular store brands are reduced or eliminated. [18] The Honolulu store was located at Ala Moana Center, and closed in 2003, along with all remaining locations in the state, making Hawaii the only U.S. state to not currently have a JCPenney store. Treasury Drug stores became Eckerd which JCPenney also owned. Principal Subsidiaries: JCPenney Collections Stores; JCPenney Home Stores; JCPenney Life Insurance Co.; JCPenney National Bank; JCPenney Specialty Stores; Thrift Drug Inc. The company's managers and executives, who had equity in individual stores they ran or oversaw, traded their ownership for a stake in the company as a whole. [14] By 1917, the company operated 175 stores in 22 states in the United States. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. In 1989 JCPenney was named the U.S.'s exclusive distributor for Olympic apparel, sold its JCPenney Casualty Insurance Company, and debuted the JCPenney Television Shopping Channel. Ullman then served as chairman of the board of directors, but was relieved of his duties in January 2013. [13] In 1899, Callahan sent Penney to Evanston, Wyoming, to work with Johnson in another Golden Rule store. Although Bloomingdale's has had restaurants in their stores for decades and upstart Nordstrom had coffee bars, was the concept still new enough to attract more customers to JCPenney? [26] After several years of development, the JCPenney Television Shopping Channel appeared on cable systems beginning in 1989. Everyone, by now, from consumers to analysts, took note of JCPenney's extraordinary turnaround. [65], During a November 2013 conference call to Wall Street analysts, Ullman announced that J. C. Penney is "restoring initial markups necessary to support the return [to a] promotional department store strategy" with "gross margins, currently 29.5 percent of sales versus 32.5 percent a year ago, were lower due to the impact of clearance sales to eliminate inventory overhang and to transition back to the promotional pricing strategy the company is known for. The original Mother Store has remained in operation. JCPenney is starting the new year with a post-Chapter 11 restart, new owners, new financing and soon will have a new CEO. [42][43] An additional seven stores, two call center facilities, and one customer decorating facility would also be closed. As Penney's personal wealth increased, so did his charity. But the pandemic pushed JCPenney to the brink a lot faster than anyone had imagined. Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 667 stores across 49 U.S. states and Puerto Rico. In 1962 JCPenney got into the mail-order business for the first time by buying General Merchandise Company, a Wisconsin firm with a discount store operation as well. Penneys enters the Belgium market and purchases a sizable interest in the retailer, Sarma, S.A. For medical reasons he moved to Colorado in 1897 and was soon hired by local dry-goods . The stores, located in the Lombardy region, are sold in 1977. - Focused Penney on home appliances, but shares plunged. The company offered, and sold, three million shares of common stock in 1975, and Sesame Street joined JCPenney's fold by signing an exclusive licensing agreement for children's wear. Two years after graduating from high school, Penney went to work for a local retailer, J.M. 1907: James Cash Penney buys out his original partners and assumes sole control of the business. The Woodfield Mall store served as the largest in the chain until a replacement store opened at Plaza Las Amricas in 1998, which is 350,000 square feet (33,000m2) in size. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. With its new stance as a national department store focusing on apparel, the company had benefitted from its prime regional shopping center space, the most such space of all U.S. retailers. Web. The move was considered controversial then as no other high-end designer up to that point in time had licensed their designs to a mid-price retailer. During the next several years, the company's growth was explosive. [120] Marc Rosen became CEO in 2021. Using money from savings and a loan, Penney joined the partnership and moved with his wife and infant son to Kemmerer, Wyoming, to start his own store. Retail sales increased only 0.9 percent for the year ($20.6 billion vs. $20.4 billion), income fell from 1994's outstanding $1 billion to $838 million, and comparative store sales experienced a 1.4 percent drop. By then, sales had grown to $10.8 billion, the women's fashion program was introduced in new markets, and a home furnishings line was added. [9][10] Departments inside JCPenney stores include Mens, Womens, Boys, Girls, Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, The Salon by InStyle, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios. [71] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. After relocating to its new headquarters in Plano, the company was rewarded with replenished catalog sales; record performances from JCPenney Insurance and JCPenney National Bank; retail sales of $18 billion, and a net income hike of $777 million with an ROE leap of 18.6 percent over 1991. Although the retailer denied any involvement, it fired its search engine consulting firm, SearchDex. By 1912, Penney had 34 stores in the Rocky Mountain States. The company survived the hard times largely because it had become known for its high quality goods and service, and people turned to JCPenney for the basic items they needed. In 2013, Soros Fund Management sold over 19 million J. C. Penney shares after only owning them for a few months. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. Chip Somodevilla/Getty Images. 1998: JCPenney joins the internet shopping era with jcpenney.com. In 1913, all stores were consolidated under the J. C. Penney banner. In 1987 the company discontinued sales of home electronics, hard sporting goods, and photo equipment in its stores. After only four years as chairman, Earl Sams died in 1950. This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. [68], On January 15, 2014, J. C. Penney announced it was closing 33 under-performing stores and laying off 2,000 employees. The cash-only business consists of 773 stores and sales of $115 million. In 1963, J. C. Penney issued its first catalog. 1927: Penneys celebrates its 25th anniversary. 2020: JCPenney stock falls below $1 a share, putting it at risk of being delisted from the New York Stock Exchange. - Introduced successful Sephora cosmetics shop-within-shop concept. In 2007, J. C. Penney launched the Ambrielle lingerie label, which became its largest private brand launched in the company's history. In 1996 the company moved in several directions to regain the footing lost in 1995: allocated $2.1 billion in capital expenditures over the next three years to open 100 new domestic stores and refurbish 500; expanded its international presence through varied licensing agreements; and announced plans to acquire the Eckerd drugstore chain for a combination of cash ($1.3 billion) and stock. Johnson came in guns blazing as CEO of J.C. Penney in November 2011. The ouster of Fox's top . [72] In February, J. C. Penney opened a support center in Bangalore, India. 2006: JCPenney develops a partnership with Sephora to open full cosmetic boutiques within its larger department stores. A fourth catalog distribution center, in Lenexa, Kansas, was added in 1978. 1922: Penney operates 371 stores with annual sales of $49 million. [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. The company also sells its auto center business. Though the company has been struggling for the past several years, JCPenney cites COVID-19 as a large reason for Fridays bankruptcy filing. Penncraft Tools A short-lived line of tools intended to compete with, This page was last edited on 19 April 2023, at 03:36. Thrift Drug celebrated its 50th anniversary in 1985; JCPenney's total year-end sales hit $13.6 billion. After J. C. Penney sold off Eckerd in 2004, the locations that continued to operate as Eckerd (some locations in the Southern U.S. were sold to CVS Corporation) still had J. C. Penney Catalog Centers inside the stores (which was a carryover from locations that were once Thrift Drug) and also continued to accept J. C. Penney credit cards. Web. Key Points. Also that year, Thrift Drug began co-locating stores with Weis Markets, and acquired many former Pantry Pride properties. [13] Callahan and Johnson asked Penney to join them in opening a new Golden Rule store. Our Standards: The Thomson Reuters Trust Principles. [21], JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. In 1962, J. C. Penney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury stores. The company issued its first JCPenney card and instituted other changes as a result of the study, including the introduction of major appliances, home electronics, furniture, and sporting goods. The new one-level, 94,000sqft (8,700m2) format stores focus on convenience with wider aisles and centralized checkouts. The stores were closed due to low profitably and high expenses. 1942: James Cash Penney gives a keynote address at the companys 40th anniversary celebration in Montana. After Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted stores permanently closed. Web. [41], On January 24, 2011, J. C. Penney closed down its catalog business which had been operating 1963, with this the 19 catalog outlet stores also closed down. JCPenney has named Katie Mullen as the retailer's new chief customer officer. JCPenney store, as seen in May 2007, reflects the old Penney's signage. The next year, 1994, JCPenney was still riding the crest of its Arizona wave and introduced Little Arizona denimwear for toddlers. On January 1, Stanley Shashoua, Simon Property Group's chief investment Officer, will become JCPenney's. The company struggled through the 1970s, as upstart companies like Wal-Mart began selling goods at discount prices and long-time rivals like Sears gave JCPenney tough competition in the hardware and appliance departments.
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