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Vornado Announces Fourth Quarter 2020 Financial Results

J. C. Penney Company, Inc.
JCPenney
TypePrivate
NYSE: JCP (pre-bankruptcy)
OTC Pink: JCPNQ (post-bankruptcy until sale)
IndustryRetail
FoundedApril 14, 1902; 118 years ago (1902-04-14)
Kemmerer, Wyoming, U.S.
FoundersJames Cash Penney
William Henry McManus
HeadquartersTo be determined[1],
U.S.
Number of locations
689 (February 2021)[2]
598 (by 2022)
Area served
United States
Key people
Ronald Tysoe (Chairman)
Stanley Shashoua (CEO)
Bill Wafford (CFO)
Shawn Gensch (CCO)
Products
  • Clothing
  • cosmetics
  • electronics
  • footwear
  • furniture
  • housewares
  • jewelry
  • toys
  • appliances
RevenueDecrease US$11.167 billion (2019)
Decrease US$−8 million (2019)
Decrease US$−268 million (2019)
Total assetsDecrease US$5.900 billion (2021)
Total equityDecrease US$829 million (2019)
OwnersSimon Property Group, Brookfield Property Partners
Number of employees
90,000 (Jan. 2020)[3][4]
Websitejcpenney.com
Footnotes / references
[5][6][7][8]

J. C. Penney Company, Inc. (doing business as JCPenney and abbreviated JCP) is a midscale American department store chain with 689 locations in 49 U.S. states and Puerto Rico.[9] In addition to selling conventional merchandise, JCPenney offers large Fine Jewelry departments, The Salon by InStyle, and Sephora inside JCPenney. JCPenney stores often house several leased departments such as, Seattle's Best Coffee, optical centers, and portrait studios.

Most JCPenney stores are located in suburban shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular during the later half of the 20th century, JCPenney began relocating and developing stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some freestanding stores, including some next door to competitors. Certain stores are located in power centers. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.

In May 2020, JCPenney filed for Chapter 11 bankruptcy protection and in September 2020, Brookfield Property Partners and Simon Property Group agreed to purchase JCPenney for around $800 million in cash and debt. The deal was later approved by the U.S. Bankruptcy Court for the Southern District of Texas, two months later.[10]

  1. ^ "JCPenney Turns Off The Lights At Its Plano, Texas Headquarters". Forbes. November 23, 2020. Retrieved December 28, 2020.
  2. ^ "SEC Filings". J. C. Penney Company, Inc.
  3. ^ "J.C. Penney | 2020 Fortune 500". Fortune.
  4. ^ "Symbol Lookup from Yahoo Finance". finance.yahoo.com.
  5. ^ "2010 Form 10-K, J. C. Penney Company, Inc". United States Securities and Exchange Commission. March 29, 2011. Archived from the original on February 10, 2012. Retrieved April 4, 2011.
  6. ^ Moin, David (August 8, 2013). "Boardroom Battle at J.C. Penney Over CEO". WWD. Archived from the original on August 11, 2013. Retrieved August 9, 2013.
  7. ^ "J. C. Penney 2011 Annual Report, Form 10-K, Filing Date March 28, 2012" (PDF). secdatabase.com. Archived (PDF) from the original on May 25, 2013. Retrieved June 30, 2012.
  8. ^ "US SEC: 2019 Form 10-K J. C. Penney Company, Inc". U.S. Securities and Exchange Commission. March 20, 2020. Retrieved September 10, 2020.
  9. ^ "JCPenney Department Store Locations, Directions & Hours". stores.jcpenney.com. Retrieved February 5, 2021.
  10. ^ "J.C. Penney's sale approved by bankruptcy court". MarketWatch. Associated Press. Retrieved November 11, 2020.