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JCPenney (also known as Jesse Penney) is one of the oldest American chain department store retailers, long serving as a key anchor store in U.S. shopping malls. It sells apparel, home goods, beauty products and daily consumer goods. In January 2025, it completed a merger with a portfolio of brands under Authentic Brands Group to form Catalyze Brands holding group, gaining more comprehensive omnichannel retail capabilities.
Key moments
1902-04-14Founder James Cash Penney opened the first Golden Rule dry goods store in Kemmerer, Wyoming, the predecessor of JCPenney
1913-01-17Officially incorporated as J.C. Penney Stores Company with 34 existing stores
1957Became the highest-grossing department store chain in the United States
2020Filed for Chapter 11 bankruptcy protection due to declining in-store sales, then acquired by Simon Property Group and Brookfield Asset Management
2025-01Merged with brands under Authentic Brands Group to establish Catalyze Brands holding company
JCPenney Competitive Analysis
Market Position
JCPenney focuses on the mid-tier retail segment, facing competition from multiple types of retailers:
Traditional department store peers like Macy's and Kohl's
Discount retailers such as Walmart and Target
Fast-fashion and e-commerce platforms including Shein and Amazon
Core Advantages
Centuries-old brand recognition and loyal customer base
Extensive physical store network with 1,800 locations after the 2025 merger
Exclusive brand partnerships to differentiate product offerings
Development Outlook
The new Catalyze Brands structure will use data-driven and AI technology to optimize supply chain, inventory management and customer relationship, aiming to improve operational efficiency and market competitiveness.
Targets mid-tier retail market with competition from both offline and online retailers
Relies on long-standing brand reputation and wide store coverage as core strengths
New merger plans to enhance operational efficiency via AI and data analytics
JCPenney is an iconic legacy brand in the North American retail sector, with over a century of operating history that has cemented deep recognition among U.S. consumers. As a long-time anchor of American shopping malls, it built its reputation around accessible mid-tier merchandise spanning apparel, home goods, and personal care products, serving generations of middle-class households. Following its 2025 merger under the new Catalyze Brands holding group, the brand has begun restructuring its operations to integrate modern omnichannel capabilities while preserving its core, trusted brand identity.
The brand maintains a distinct competitive position rooted in its long-standing customer loyalty and extensive physical footprint, which remains larger than many peer traditional department stores post-restructuring. Despite facing sustained pressure from discount retailers and fast-growing e-commerce platforms over the past two decades, JCPenney’s recent ownership change has injected new strategic momentum, with plans to leverage data and AI to improve operational efficiency and customer engagement.
JCPenney’s brand strength is anchored in its historic legacy rather than cutting-edge market innovation, balancing established consumer trust with ongoing efforts to adapt to shifting retail dynamics. Its exclusive brand partnerships also help differentiate its product offerings from mass market discount competitors, supporting ongoing relevance in the crowded mid-tier retail space.
Brand Leadership
Score: 45/100
JCPenney once held a dominant leading position in the U.S. department store sector, but has lost significant market share to discount retailers and large e-commerce competitors in recent decades. Post the 2025 merger, new leadership is working to reposition the brand for modern consumer expectations, but it has not regained a leading role in the mid-tier retail segment, with its current market position trailing larger competitors like Macy's and Target.
Customer Interaction
Score: 58/100
JCPenney interacts with customers through its extensive network of physical stores as well as its digital e-commerce platform, with post-merger investments aimed at improving seamless omnichannel customer experiences. It maintains an active base of repeat loyal customers, though its social media and digital engagement lags behind newer, more digitally native retail brands.
Brand Momentum
Score: 62/100
Following its exit from bankruptcy and the 2025 merger that formed Catalyze Brands, JCPenney has gained new strategic momentum, with planned investments in AI-driven operations, supply chain optimization, and customer relationship management. The restructuring has resolved past ownership and debt issues, creating a more stable foundation for the brand to grow, though momentum remains constrained by ongoing competitive pressures in the retail sector.
Brand Stability
Score: 50/100
After multiple restructurings and bankruptcy proceedings over the past 15 years, JCPenney’s new holding structure has improved its financial and operational stability. However, the brand still faces ongoing headwinds from shifting consumer shopping habits and intense competition across all of its core retail segments, so its long-term stability remains unproven compared to more financially robust retail competitors.
Brand Age
Score: 98/100
JCPenney was founded in 1902, giving it over 120 years of continuous operating history as a retail brand, making it one of the oldest surviving department store chains in the United States. Its long history is a core part of its brand identity, contributing to strong recognition among older generations of U.S. consumers.
Industry Profile
Score: 70/100
As a historic anchor retail brand, JCPenney holds high name recognition within the U.S. retail industry, and its ongoing restructuring efforts are closely watched by industry observers. It remains a major player in the mid-tier department store segment, even as its overall market size has shrunk compared to its peak decades ago.
Global Brand Presence
Score: 12/100
JCPenney’s operations and customer base are almost entirely concentrated in the United States, with minimal meaningful brand presence or retail operations in other international markets. It has never developed a significant global footprint, so its level of globalization remains very low compared to large multi-national retail brands.
AI-driven analysis can support structured reasoning around JCPenney's brand value, drawing on publicly available information about its market position, operating history, and recent strategic changes. All value-related estimates generated through this approach are purely illustrative, not audited or verified for official use. To obtain a formally audited, certified brand value assessment for JCPenney, contact the World Brand Lab.
num locations
645‡R2R‡
num locations year
2026
area served
United States
Puerto Rico
key people
Marc Rosen (CEO, Catalyst)
Michelle Wlazlo (Brand CEO)
industry
Retail
defunct
2011 (JCPenney Outlet Store)
2013 (JC's 5 Star Outlet)
genre
Department Store
products
Clothing
Footwear
Accessories
Jewelry
Beauty products
Home furnishings and wares
Electronics
Toys
Hair styling
Eyeglasses
Portraits
parent
Authentic Brands Group (2020–2025)
Catalyst Brands (2025–present)
JCPenney originated as a group of dry goods stores that Penney managed as part of the Golden Rule chain and incorporated under his own name in 1913.The stores were initially located in downtown areas but shifted to shopping malls during the 1960s.The chain struggled in the early 21st century amid the rise of internet retail and the decline of mall traffic, and stay-home measures during the COVID-19 pandemic forced it into Chapter 11 bankruptcy in May 2020.It emerged from bankruptcy under the joint ownership of mall operators Simon Property Group and Brookfield Properties,[4] later joined by Authentic Brands Group as a minority owner.[5] In January 2025, JCPenney was combined with SPARC Group—Simon and Authentic's portfolio of legacy retail brands—to form Catalyst Brands.[6]
Its departments include men's, women's and children's apparel, cosmetics, jewelry, and home furnishings along with leased departments managed by Shearshare, US Vision and Lifetouch.The chain focuses on lifestyle products for middle class households.
20th century
Background and early history: 1902–1960
James Cash Penney was born in Hamilton, Missouri. After graduating from high school, Penney worked for a local retailer. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health.[7] In 1898, Penney went to work for Thomas Callahan and Guy Johnson, who owned dry goods stores called Golden Rule stores in Colorado and Wyoming.[8] In 1899, Callahan sent Penney to Evanston, Wyoming, to work with Johnson in another Golden Rule store.[8] Callahan and Johnson asked Penney to join them in opening a new Golden Rule store.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.[8]
21st century
2000s
In early 2001, JCPenney closed 44 under-performing stores. In 2001, JCPenney sold its direct-marketing insurance unit to Dutch insurer Aegon for $1.3 billion (equivalent to $ in ) in cash to help refocus the company on retail.[29] In 2003, the company opened three stores in strip centers in Texas, Minnesota, and Indiana.The new single-level, 94000 sqft store format focuses on convenience, with wider aisles and centralized checkouts.[30] In 2004, the company added 14 more stores and exited the drug store division after 35 years, with the sale of its Eckerd division.The company also sold its six Mexico stores to Grupo Carso, which rebranded five of the stores as Dorian's and the other one as Sears Mexico.In 2005, JCPenney's e-commerce storefront exceeded the $1 billion revenue mark for the first time.At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer, generating $260 million from the sale as it discontinued its operations with Renner and its Latin American footholds as well.
Finances
Corporate identity
Logo
Private brands
Beginning with the Marathon Hats line, JCPenney has introduced multiple private brands, partially in response to suppliers denying access to expected inventories.[106][107]
Big Mac Men's Workwear founded by JC Penney in 1922
Croft & Barrow founded in 1972 & purchased by Kohl's in 2001
St. John's Bay, casual clothing and shoes for men and women, including Big & Tall (men) and Plus (women)
He participated in the creation of two more stores and purchased full interest in all three locations when Callahan and Johnson dissolved their partnership in 1907.
In 1909, Penney moved his company headquarters to Salt Lake City, Utah, to be closer to banks and railroads.
By 1912, Penney had 34 stores in the Rocky Mountain States.
In 1913, the company was incorporated under the new name, J. C. Penney Company, with William Henry McManus as a co-founder. In 1914, the headquarters was moved to New York City to simplify buying, financing, and transportation of goods.[9] By 1917, the company operated 175 stores in 22 states in the United States. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. By the opening of the 1,000th store in 1928, gross business had reached $190 million (equivalent to $ in ).
In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa.Walton subsequently founded retailer Walmart in 1962.[10] By 1941, J. C. Penney operated 1,600 stores in all 48 states.In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. J. C. Penney credit cards were first issued in 1959.
Full-line department store
The company dedicated its first full-line shopping-center department store in 1961. This store was located at Black Horse Pike Center in Audubon, New Jersey.The second full-line shopping center store was dedicated, at King of Prussia Plaza in King of Prussia, Pennsylvania in late 1962.Those stores expanded the lines of merchandise and services that an average J. C. Penney carried to include appliances (manufactured by General Electric), sporting goods, tools, garden\lawn merchandise, restaurants, beauty salons, portrait studios, auto parts, and auto centers.
In 1962, J. C. Penney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury stores. These discount operations proved unsuccessful and were shuttered in 1981. In 1963, J. C. Penney issued its first catalog. The company operated in-store catalog desks in eight states. The catalogs were distributed by the Milwaukee Catalog distribution center.
In 1969, the company acquired Thrift Drug, a chain of drugstores headquartered in Pittsburgh, Pennsylvania.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.
Expansion beyond the contiguous US
In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. Stores were opened in Anchorage and Fairbanks, Alaska in 1962, followed by Honolulu, Hawaii in 1966, and Puerto Rico in 1968.The Penney Building in Anchorage partially collapsed and was damaged beyond repair in the 1964 Alaska earthquake.[11][12] The company rebuilt the store as a shorter building on a larger footprint and followed up by building Anchorage's first public parking garage, which opened in 1968.[13] 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.The Penney store at Plaza Las Américas mall in San Juan, Puerto Rico, which opened in 1968, featured three levels and 261500 sqft.It was the largest JCPenney until a 300000 sqft store was dedicated at Greater Chicago's Woodfield Mall in 1971. The Woodfield Mall store served as the largest in the chain until a replacement store opened at Plaza Las Américas in 1998, which is 350000 sqft in size.
Death of J.C. Penney and peak: 1970s
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.[14] That year, the company adopted the JCPenney style in advertising.[15] and its revenues reached $5 billion (equivalent to $ in ) for the first time and catalog business made a profit for the first time.[16]
JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments.[16] However, the company was hard hit by the 1974 recession with its stock price declining by two-thirds.[16]
In 1977, J. C. Penney sold its four stores in Italy to Italian department store chain La Rinascente; Penneys had opened in Italy in 1970 but left due to difficulties encountered when trying to expand in Italy and had only ever opened stores in the Lombardy region.[17][18] In the same year they also closed down their unprofitable Supermarkets Interstate supermarket brand, which operated in Treasury discount stores; however, the stores that were not in Treasury locations remained open.[19]
In 1978, the J. C. Penney Historic District in Kemmerer, Wyoming, was designated a U.S. National Historic Landmark.In 1979, JCPenney stores started accepting Visa cards.MasterCard was accepted the following year.[16]
1980s
In 1980, the company closed the unprofitable Treasury discount stores to focus resources on its core retail stores.[16]
In 1983, JCPenney discontinued its appliance, hardware, outdoor equipment, and auto center departments, the store attached auto centers became additional store and warehouse space, the free-standing automotive centers were sold to Firestone.Also in 1983, it began selling goods online through the Viewtronvideotex service.That same year, fashion designer Roy Halston, signed a six-year, $1 billion deal with JCPenney to sell a line of affordable clothing, accessories, cosmetics, and perfumes ranging in price from $24 to $200. 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. The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. However, the business move paved the way for other such high-end designers to sell their products at stores of varying price ranges in the future.[20]
In 1984, JCPenney acquired the First National Bank of Harrington, Delaware, and renamed it J. C. Penney National Bank.With the acquisition of the bank, the company became able to issue its own Mastercard and Visa Inc. cards.The company also began accepting American Express cards.Also that year, Thrift Drug began co-locating stores with Weis Markets, and acquired many former Pantry Pride properties.In April 1987, the company announced that it was moving its headquarters to Plano, Texas.[21] After several years of development, the JCPenney Television Shopping Channel appeared on cable systems beginning in 1989. By the mid-1980s, all JCPenney stores had discontinued sales of firearms. Before this point, JCPenney carried rifles and shotguns branded as JCPenney but produced by numerous established firearms manufacturers. In the 1980s JCPenney's also stopped selling outdoor equipment and hardware such as lawn mowers and tools.
Acquisitions and international expansion: 1990s
Construction on the new company headquarters in Plano, Texas, broke ground in 1990 and was completed in 1992.When Sears closed its catalog business in 1993, JCPenney became the largest catalog retailer in the United States.In 1995 the chain expanded to Chile with a store in the capital, Santiago.In 1995, the drug store business was expanded with the acquisition of Kerr Drug and again in 1996 with the purchase of Fay's Drug.[22][23] Then in November 1996 they acquired the Eckerd chain. Fay's, Kerr, and Eckerd merged into J. C. Penney's drug store subsidiary Thrift Drug. Fay's, most Kerr, and Thrift drug stores were re-branded Eckerd in 1997. (Kerr Drug stores in The Carolinas remained branded as such because they were part of a group of stores that were divested because of trade competition issues raised during the merger.)[24]
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.[25] In 1998, JCPenney launched its online store.[26]
Between 1995 and 1998, JCPenney entered Indonesia under partnership with Lippo Group (under their Multipolar investment arm) with the branding JCPenney Collections, also used by multiple international JCPenney branches across Asia during the decade. This type of JCPenney store only featured fashion for men, women and kids. During its tenure, JCPenney opened two flagship stores: in 1995 on the upper ground level of Lippo Supermal (now Supermal Karawaci), and in 1996 on the upper ground and first level of Mal Taman Anggrek.Aside from the two, JCPenney also opened smaller stores under the JCPenney Collections name in a few malls such as Plaza Blok M and Plaza Senayan.All stores of JCPenney Collections in Indonesia started planning to close down due to 1997 Asian financial crisis – with the JCPenney Collections store in Taman Anggrek closed in December 1997, and the May 1998 riots – with the Lippo Supermal store looted by mass and exiting the mall that same month (having to close down for a period of time due to damage caused by arson in other sections of the mall).Currently, the previous stores are occupied by H&M, Uniqlo, and Sogo at Supermal Karawaci and Matahari Department Store at Mal Taman Anggrek respectively.
JCPenney 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.The stores were closed due to low profitability and high expenses.[27][28]
In 2007, JCPenney launched the Ambrielle lingerie label, which became its largest private brand launched in the company's history.[33] JCPenney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some JCPenney locations. Beginning in 2007, JCPenney's store slogan changed from "It's All Inside" to "Every Day Matters." The new slogan and associated ad campaign was launched in television commercials during the 79th Academy Awards in late February 2007.After JCPenney 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 JCPenney Catalog Centers inside the stores (which was a carryover from locations that were once Thrift Drug) and continued to accept JCPenney credit cards.After Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted stores permanently closed. Although as a result of the acquisition, Rite Aid now accepts JCPenney credit cards, even at Rite Aid locations that existed before the acquisition of Eckerd. In November 2007, the company launched a new public website, JCPenneyBrands.com, which covers the company's private and exclusive brands and its branding strategy, as well as a preview of an upcoming product line.
In February 2008, the company launched the American Living brand, as developed by Ralph Lauren, across several product lines.The launch, which was accompanied by an ad campaign during the 80th Academy Awards, was the company's largest private brand launch.[34] That summer, JCPenney also added a new brand to its home collection, Linden Street. The Linden Street brand features furniture, domestics, and home decor. Linden Street is sold exclusively in JCPenney stores and through its website. Other brands for juniors and young men were launched that summer. They included a relaunch of Le Tigre, along with Decree, and Fabulosity, a junior line of clothing by Kimora Lee Simmons.
In July 2009, new additions were made to the JCPenney young men's department, including an expansion of its private brand Decree (previously exclusively a juniors clothing line) and the introduction of more skate/surf-oriented clothing, including Rusty, RS by Ryan Sheckler and 3rd Rail.In August, Albert Gonzalez's defense lawyer announced JCPenney was a victim of a computer hacker, although the company stated that no customers' credit card information had been stolen.[35] That year, JCPenney reached an agreement with Seattle's Best Coffee to feature full-service cafes within leased departments inside JCPenney stores across the country. Seattle's Best Coffee is still expanding café locations within JCPenney locations across the country.
2010–2014
In 2010, Vornado Realty Trust acquired a 9.9% stake in JCPenney but sold it in 2013 for $13.00 per share.[36] On January 24, 2011, JCPenney shut down its catalog business and 19 outlet stores.[37] Seven additional stores and two call centers also closed.[38]
On February 12, 2011, The New York Times revealed that JCPenney was using "spamdexing" techniques to manipulate Google search rankings.Google reduced the company's visibility, and JCPenney fired its search engine consultant.[39]
In June 2011, Ron Johnson, former head of Apple's retail division, became JCPenney's CEO.[40] That same year, the company sold its 15 remaining catalog outlets to SB Capital Group, converting them into JC's 5 Star Outlets.[41]
In December 2011, JCPenney purchased a 16.6% stake in Martha Stewart Living Omnimedia, intending to create "mini-Martha Stewart shops" in its stores by 2013.[42]
In early 2012, JCPenney implemented a new pricing strategy, replacing sales with "Every Day" prices, but saw a 22% sales decline by mid-year.[43] The company also experienced staff cuts, laying off 1,600 employees in January and 600 more in April 2012.[44] Johnson was dismissed in April 2013 and replaced by former CEO Mike Ullman.[45]
In late 2013, JCPenney faced challenges in the stock market, issuing 84 million shares amid declining margins and a return to promotional pricing strategies.[46]
2015–2019
In January 2015, it was announced that JCPenney would close 39 under-performing stores nationwide and lay off 2,250 employees.[47] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores.In January 2016, JCPenney announced plans to relaunch its business of selling major appliances to target a wave of millennials who are buying first-time homes.[48] In February, JCPenney opened a support center in Bangalore, India.[49][50]
In January 2017, JCPenney sold its headquarters campus and surrounding land in Plano, Texas, to Dreien Opportunity Partners as a leaseback sale to maintain operations at the location.[51] The land has since been broken up and sold and developed. Space inside the headquarters building has been subleased. Part of this land was sold to where the current Toyota North America headquarters is now located.[52] In February, JCPenney announced that it would shutter two distribution centers and up to 140 under-performing stores as it wrestled with disappointing sales.The company also planned to offer buyouts to roughly 6,000 employees.[53] On March 17, JCPenney released a list of 138 locations that would close by the end of June.[54] By closing stores and distribution facilities, JCPenney would redirect resources to help expand its store-in-store Sephora boutiques, and add Nike and Adidas boutiques, similar to what Macy's has done with Finish Line, Lids and LensCrafters.[55]
In an effort to capitalize on self-deprecating humor and improve its reputation, JCPenney collaborated with Nicole Richie and other designers to open a "Jacques Penne" pop-up shop in Manhattan during the 2017 holiday season.[56][57]
In 2018, the JCPenney at Plaza Palma Real in Humacao, Puerto Rico closed permanently, after Hurricane Maria devastated the store in September 2017.[58] In May, JCPenney reported an adjusted loss of $69 million in the first quarter, even worse than Wall Street predicted, and lowered its projections for the year.[59] Sales fell 4%, also missing estimates. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. The company lowered its earnings forecast for the year to 13 cents per share at best, and said it could lose as much as 7 cents. JCPenney finished the quarter with just $181 million in cash, down from $363 million a year ago. Much of the big decrease was because of a $190 billion debt replace. On May 22, JCPenney announced the resignation of their CEO, Marvin Ellison.[59] On October 2, JCPenney announced former Jo-Ann Stores CEO Jill Soltau as their CEO, effective October 15.With the announcement, JCPenney's shares rose 9%.[60] The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue.[61]
On February 6, 2019, JCPenney said it would stop selling major appliances on February 28, and that furniture would be limited to online and stores in Puerto Rico.[65] On February 28, JCPenney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores.The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter.[66] On March 26, JCPenney announced the hiring of Bill Wofford as chief financial officer.Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018.[67] On May 21, JCPenney announced that Shawn Gensch was appointed as executive vice president, chief customer officer, effective June 3.Gensch comes from Sprouts Farmers Market where he was their CCO.[68] Also on May 21, JCPenney announced a net sales decline of 5.6% and a net loss of $154 million for its fiscal first quarter of 2019, which ended on May 5.[69]
COVID and bankruptcy: 2020
On January 19, 2020, JCPenney announced plans to close six stores.[70]
COVID-19 pandemic
On March 15, 2020, when businesses were ordered to temporarily close in many states, the chain closed all of its stores and furloughed its employees. JCPenney became the fourth major national retailer to file for bankruptcy in May 2020.[71][72] Days earlier, it was reported in a regulatory filing that JCPenney would give bonuses totaling nearly $10 million to the company's senior managers, which included $4.5 million to CEO Jill Soltau.[73] After 91 years, it was delisted from the New York Stock Exchange on May 18, 2020, and started trading over-the-counter the following business day.[74]
On March 18, JCPenney announced all retail stores would temporarily close in response to the global COVID-19 pandemic until April 2. On March 31, JCPenney announced an extension of the planned April 2 reopening, with a new date not possible to be determined at the time. On May 1, JCPenney announced a limited number of stores would reopen.[75]
Bankruptcy and new ownership
On May 15, 2020, JCPenney filed for Chapter 11 bankruptcy and announced that there would be an additional 242 store closings, blaming the COVID-19 pandemic for its action. By June 17, JCPenney reopened approximately 827 stores; most of the 154 scheduled for permanent closure in 2020 were among those reopened, with final closing sales in progress. On June 22, JCPenney identified an additional 13 stores that would be permanently closed.[76] On July 7, 2020, JCPenney announced that they would close two stores in New York City; one at the Manhattan Mall, which was closed immediately and the Kings Plaza store in Brooklyn, which closed on Sunday, September 27, 2020.[77] On December 17, 2020, JCPenney announced that they would close 15 additional stores in March 2021.[78][79] As of June 2021, there have been a total of 175 store closures.On December 30, 2020, it was announced that Jill Soltau would step down as CEO of JCPenney, effective December 31, 2020.It is unclear whether she was fired or resigned.[80]
COVID-19 pandemic
On March 15, 2020, when businesses were ordered to temporarily close in many states, the chain closed all of its stores and furloughed its employees. JCPenney became the fourth major national retailer to file for bankruptcy in May 2020.[71][72] Days earlier, it was reported in a regulatory filing that JCPenney would give bonuses totaling nearly $10 million to the company's senior managers, which included $4.5 million to CEO Jill Soltau.[73] After 91 years, it was delisted from the New York Stock Exchange on May 18, 2020, and started trading over-the-counter the following business day.[74]
On March 18, JCPenney announced all retail stores would temporarily close in response to the global COVID-19 pandemic until April 2. On March 31, JCPenney announced an extension of the planned April 2 reopening, with a new date not possible to be determined at the time. On May 1, JCPenney announced a limited number of stores would reopen.[75]
Bankruptcy and new ownership
On May 15, 2020, JCPenney filed for Chapter 11 bankruptcy and announced that there would be an additional 242 store closings, blaming the COVID-19 pandemic for its action. By June 17, JCPenney reopened approximately 827 stores; most of the 154 scheduled for permanent closure in 2020 were among those reopened, with final closing sales in progress. On June 22, JCPenney identified an additional 13 stores that would be permanently closed.[76] On July 7, 2020, JCPenney announced that they would close two stores in New York City; one at the Manhattan Mall, which was closed immediately and the Kings Plaza store in Brooklyn, which closed on Sunday, September 27, 2020.[77] On December 17, 2020, JCPenney announced that they would close 15 additional stores in March 2021.[78][79] As of June 2021, there have been a total of 175 store closures.On December 30, 2020, it was announced that Jill Soltau would step down as CEO of JCPenney, effective December 31, 2020.It is unclear whether she was fired or resigned.[80] On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua.[81]
On June 4, 2020, JCPenney released a list of 148 stores slated to close starting in late June 2020, with eleven additional store closures announced on June 22 and two additional stores on July 7, with the previously announced store closing locations remaining on hold pending further review, for a planned closing a total of 242 stores.[82][83][84][85][86] Since the initial filing, rumors of potential buyers included Amazon, Sycamore Partners, and a group consisting of Authentic Brands (Forever 21, Aeropostale, Barneys), and mall owners Simon Property Group and Brookfield Properties.[87]
Under Simon and Brookfield: 2020–present
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, among them flagship partner Thirteen Lune.[96] Marc Rosen became CEO in 2021.
In April 2022, JCPenney's owners—Simon and Brookfield—offered $8.6 billion to purchase Kohl's.[97]Sephora had already announced plans to contract exclusively with Kohl's by 2023, and had piloted Sephora Inside Kohls at select store locations.With this deal, Sephora would remain affiliated with, and under control of, the Simon and Brookfield retail portfolio, therefore superseding and annulling previous agreements for Sephora to leave JCPenney in favor of Kohl's.[98]
The company returned to its Plano, Texas, headquarters in July 2023.[1][99] The reopened headquarters contains over 2,000 workers and occupies three floors.[100]
In December 2025, JCPenney announced that they would be closing their Stoneridge location in Pleasanton, California, in February 2026.[101] JCPenney store locations in Sanford, Florida and Springfield, Virginia are scheduled to close in May 2026.[102][103]
, casual clothing and sandals for men, women, and children, including Big & Tall
Xersion, active and athletic clothing for men, women and children
Worthington, women's formal and casual clothing and shoes
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
Claiborne (discontinued), men's apparel
Mutual Weave, men's denim and casual outerwear
Marilyn Monroe, women's vintage collection
Foundry Supply Co. (discontinued solo stores, brand moved to JCPenney stores), men's Big & Tall apparel, superseded by SJB and Arizona.
ThereAbouts, casual wear for boys and girls
Okie Dokie, newborn and toddler apparel
JCPenney Home, home goods
Linden Street, bedding
Cooks, cookware
Home Expressions, home goods
North Pole Trading Co, Christmas decor & bedding
Marathon Hats (the first JCP private brand)
Loom + Forge, modern home decor, bedding, and window
Former subsidiaries
Eckerd Pharmacy – a chain of pharmacies that JCPenney sold off in 2004, with former locations becoming CVS or Rite Aid.
The Treasury / Treasure Island – a chain of discount stores that JCPenney closed in the 1980s
Treasury drug stores – a chain of stand-alone drug stores that were also branded with the Treasury nameplate. Treasury Drug stores became Eckerd which JCPenney also owned.
JCPenney Insurance[109] – JCPenney Casualty Insurance (also referred to as Penney-Wise Protection) was sold to Metropolitan Life Insurance Company in 1989.[110]
Auto Centers – JCPenney had Auto Centers during the 1960s through early 1980s. The free-standing JCPenney Auto Centers had gas stations.[111] JCPenney closed the Auto Centers in 1983 with the free-standing Auto Centers being sold to Firestone and the store attached Auto Centers becoming additional store and warehouse space.
JCPenney Home Stores – stores that sold linens & home decor
JCPenney Outlet / JC's 5 Star Outlet – JCPenney Outlet Stores were stores that sold JCPenney's merchandise at a lower outlet store price. JC's 5 Star Outlet was a "lower rank" outlet store. All of the outlet stores were closed by 2013.
JCPenney furniture outlet – JCPenney outlet stores that only sold furniture and rugs.
JCPenney Restaurants[112] – some stores had JCPenney-branded restaurants
Penncraft Tools – a short-lived line of tools intended to compete with Sears Craftsman, with hand tools manufactured by New Britain and power tools and drill bits manufactured by Stanley.
On December 26, the stock price of JCPenney (NYSE: JCP) fell below $1 per share.
This was the first time ever that shares had fallen below $1 in the 110-year history of the company, which started trading on the New York Stock Exchange in 1929.
The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone.[64]
On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua.
On June 4, 2020, JCPenney released a list of 148 stores slated to close starting in late June 2020, with eleven additional store closures announced on June 22 and two additional stores on July 7, with the previously announced store closing locations remaining on hold pending further review, for a planned closing a total of 242 stores.[82][83][84][85][86] Since the initial filing, rumors of potential buyers included Amazon, Sycamore Partners, and a group consisting of Authentic Brands (Forever 21, Aeropostale, Barneys), and mall owners Simon Property Group and Brookfield Properties.[87][88][89] On July 8, JCPenney submitted their bankruptcy exit plan to existing lenders, and requested more time for negotiations.[90] On July 31, 2020, it was announced that 21 stores, including the "Mother Store" in Kemmerer, Wyoming, would be auctioned off as part of the proceedings.[91]On September 9, 2020, Brookfield Property Partners and Simon Property Group agreed to purchase JCPenney for about $800 million, including $300 million in cash and assuming $500 million of debt,[92] which was later approved by the court on November 10, 2020.[4] It had been established that once the company emerges from bankruptcy it is poised to save nearly 60,000 jobs, according to various independent studies.[93] The company was paying $2.45 million in monthly rent at the time it sold its headquarters offices in Plano, Texas in 2017; the location was permanently vacated in November 2020.[94][95]
It had been established that once the company emerges from bankruptcy it is poised to save nearly 60,000 jobs, according to various independent studies.
The company was paying $2.45 million in monthly rent at the time it sold its headquarters offices in Plano, Texas in 2017; the location was permanently vacated in November 2020.
