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JC Penney's Management Team

452 Words2 Pages

JC Penney’s was founded in 1902 by James Cash Penney and is now a multinational retailer, operating over 1000 department stores in 49 states and Puerto Rico. James Penney opened his original dry goods store in Kemmerer, Wyoming and named it the Golden Rule Store to emphasize his personal and business philosophy of treating others as he would want to be treated. The original dry goods store expanded to a department store, and was incorporated in 1924 in Delaware and traded on the New York Stock Exchange. JC Penney now sells a variety of family apparel and footwear, accessories, and fine and fashion jewelry. In addition to selling clothing and conventional merchandise, JC Penney’s stores house several leased departments, such as, Sephora, salons, optical centers, portrait studios, and jewelry repair. JC Penney boasts that its customers can find a broad assortment of national, private, and exclusive brands to fit all shapes, sizes, occasions and budgets. …show more content…

New management sought to boost sales by rebranding JC Penney from the ground up. During this period JC Penney progressively increased spending for store renewals and updates as part of their initiative to regain sales, spending $875 million in 2013 alone. The initiatives put into place by management for rebranding seemed to be an utter disaster, and 2013 was spent trying to stabilize the business. JC Penney attempted to attract a more affluent customer base by decreasing promotions and discounts and rebranding, resulting in a significant decrease in sales. JC Penney showed $1388 million net loss in 2013, worse than the $985 million net loss in 2012. To sustain the business JC Penney borrowed $1850 million in early 2013 to repay long term debt, invest in operations and restore inventory levels in basics and private branded

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