Founded in 1902 by James Cash Penney, J. C. Penney Corporation, Inc. (JCP) is a chain of mid-range department stores based in Plano Texas. JCP currently has 1,060 department stores in 49 U.S. States in operation. JCP stores sell conventional merchandise as well as leased departments. Some examples of leased departments are Sephora, optical centers, portrait studios, and jewelry repair. Before 1966, most of its stores were located in downtown areas.
As shopping malls became more popular in the latter half of the 20th century, J. C. Penney began relocating and developing stores in malls as other companies had done. In more recent years, the company began opening some standalone stores. The company has been an Internet retailer since 1998. It has also streamlined its catalog and distribution. In order to follow consumer trends, it has also undergone renovations and improvements at the store level (J. C. Penney Company, Inc., 2013).
J. C. Penney’s major departments include home, bed and bath, window, women, men, juniors, kids and baby, shoes, handbags and accessories, jewelry and watches. The company markets predominantly family apparel, jewelry, shoes, accessories, and home furnishings. JCP sells merchandise and services to consumers through its department stores, catalogs and the Internet. J. C. Penney’s divisions include The Treasury (1962-1981), Thrift Drug (1968-1997), and Eckerd (1997-2004) (J. C. Penney Company, Inc., 2013).
JCP is publicly traded on the New York Stock Exchange and NASDAQ. The company classification code is – “SIC 5311, Department Stores. NAICS Code 452111, Department Stores except Discount Department Stores,” and the ticker symbol is JCP. The audit firm for J. C. Penney is KPMG LLP. More information about the company can be found at http://www.jcpenney.com.
Mr. Myron E. Ullman, III is the Chief Executive Officer for JCP. He joined the company in April 2013. From 1998 to 1999, he was President of LVMH (Moët Hennessy Louis Vuitton) Selective Retail Group. He also spent time as Chairman of the Board and Chief Executive Officer of DFS Group Ltd. and Chairman of the Board and CEO of R. H. Macy & Company, Inc. (J. C. Penney Company, Inc., 2013).
Mr. Kenneth H. Hannah is the Executive Vice President and Chief Financial Officer of J. C. Penney. He has been with JCP since May 2012. Before joining the company, Hannah was Executive Vice President and President-Solar Energy of MEMC Electronic Materials, Inc. and had previously served as Executive Vice President and President-Solar Materials and Senior Vice President and Chief Financial Officer (J. C. Penney Company, Inc., 2013).
In 2009, Ms. Janet Dhillon became Executive Vice President, General Counsel and Secretary of JCP. Prior to joining the company, she served as Senior Vice President and General Counsel and Chief Compliance Officer of US Airways Group, Inc. and US Airways, Inc. Dhillon was with the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1991 to 2004 (J. C. Penney Company, Inc., 2013).
Ms. Brynn Evanson joined JCP in 2009. She has served as Executive Vice President, Human Resources since April 2013. Prior to joining the company, she worked at the Dayton Hudson Corporation (renamed Target Corporation in 2000). Evanson began her career with Marshall Field’s (J. C. Penney Company, Inc., 2013).
In 2012, Mr. D. Scott Laverty joined J. C. Penney as Senior Vice President, Business Solutions. Laverty served as the Americas retail practice leader for HCL Axon, Senior Vice President, Chief Information Officer of Borders Group, and held senior consulting roles with IBM, Deloitte, PricewaterhouseCoopers and Ernst & Young (J. C. Penney Company, Inc., 2013).
Mr. Dennis P. Miller has served as Senior Vice President and Controller of the Company since September 2013. He previously served as Senior Vice President and Controller and was Senior Vice President, Finance. Miller served as Vice President, Director of Procurement and Strategic Sourcing of JCP from 2004 to 2008. He also served as Senior Vice President and Chief Financial Officer of Eckerd Corporation (J. C. Penney Company, Inc., 2013).
The CEO’s message: “This company has been an important part of the American retail landscape for over one hundred years. Today, it is moving in the right direction and there is an extraordinary passion to win at every level of the organization. As President and, ultimately, CEO, I will be focused on positioning the Company to compete in a rapidly changing retail environment for the benefit of our customers, shareholders, suppliers and associates. I am confident that we have the customer proposition, the brand, and the talent to make J. C. Penney Co. successful over the long term” (J. C. Penney Company, Inc., 2013).
Social Responsibility: “More than a century ago, James Cash Penney founded our company as an active and responsible member of the community and earned a special place in the hearts of American families. Today, as we invest in the future of our business, we are committed to building on our proud legacy of responsible corporate citizenship by advancing social, environmental and ethical standards across our operations. At J. C. Penney Co., we are working to integrate sustainability into everything we do, from our global supply chain to the environmental impact of our stores.
J. C. Penney Co. has a clear focus on operational efficiency, utilizing programs to manage energy consumption, reduce waste and encourage recycling across all approximately 1,100 stores and 14 logistics facilities. Through the Company’s energy conservation efforts, J. C. Penney Co. has received ENERGY STAR certification in over 500 locations and earned the ENERGY STAR Sustained Excellence Award for five consecutive years” (J. C. Penney Company, Inc., 2013).