PENNEY COMPANY

in full J.c. Penney Company, Inc ., American retail company founded in 1902 by James Cash Penney and today engaged in marketing apparel, home and automotive products, drugstore merchandise, and insurance. The firm serves consumers principally through stores but also through catalog sales and telephone orders elicited through a television home shoppers' club. The company was called J.C. Penney Stores Company from 1913 to 1924, when it was reincorporated as J.C. Penney Co. Its present name was adopted in 1968. It is headquartered in Dallas, Texas. On April 14, 1902, founder Penney and two partners opened the Golden Rule dry-goods store in the small town of Kemmerer, Wyo. In the following two years they opened stores in two other Wyoming frontier towns. In 1907 Penney bought out his original partners and took on new ones, beginning with Earl Corder Sams (president of the company, 191446). When the firm was incorporated on Jan. 17, 1913, as the J.C. Penney Stores, there were 34 stores in the American West. In the following year the company's headquarters were moved to New York City. In 1927 J.C. Penney Co. became a public corporation listed on the New York Stock Exchange, and by 1929 it had increased its number of stores to 1,392. Penney retired in 1946, taking the title of honorary chairman, but until 1958 his conservative policies remained influential. (For many years any employee known to use tobacco or liquor, even privately, was discharged.) In 1958 the firm's traditional policy of strict cash-and-carry gave way to credit selling, and the emphasis on apparel and notions was broadened to include a more complete range of hard and soft goods and more fashionable merchandise. In 1962 the firm entered the catalog field, the first Penney Catalog being issued the following year. In 1966 it acquired two insurance companies. Overseas operations began in 196869, when it acquired Sarma, SA, a Belgian retail chain; and in 1971 it inaugurated stores in Italy under the name J.C. Penney, SpA. In 1988 the firm relocated its headquarters from New York City to Dallas.