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J. C. Penney
James Cash “J. C.” Penney Jr. (1875-1971) was an American businessman and entrepreneur who founded the J. C. Penney stores in 1902.
Born on September 16, 1875, on a farm outside o...view moreJames Cash “J. C.” Penney Jr. (1875-1971) was an American businessman and entrepreneur who founded the J. C. Penney stores in 1902.
Born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri, he was the seventh of twelve children, born to James Cash Penney, Sr. and Mary Frances (née Paxton) Penney. After graduation from Hamilton High School, Penney intended to attend college to study law, but his father’s untimely death forced him to take a job as a store clerk to help support the family.
In 1898, James Cash Penney began working for a small chain of stores in the western United States called the Golden Rule stores. In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him one-third partnership in a new store he would open. Penney invested $2,000 and moved to Kemmerer, Wyoming, to open a store there. He participated in opening two more stores, and when Callahan and Johnson dissolved their partnership in 1907 he purchased full interest in all three stores.
By 1912, there were 34 stores in the Rocky Mountain States. In 1913, he moved the company to the Kearns Building in downtown Salt Lake City, Utah. The company was incorporated under the new name, J. C. Penney Company. In 1916, he began to expand the chain east of the Mississippi and during the 1920s, the Penney stores expanded nationwide, with 1,400 stores by 1929. Penney and partner Ralph W. Gwinn had invested heavily in Florida real estate, some of which became Penney Farms, and started Foremost Dairy Products Inc. Most of this work was halted following the stock market crash of 1929 and the Great Depression. However, Penney continued his active involvement in managing the company and its stores, remaining as chairman of the board until 1946, and after that as honorary chairman until his death on February 12, 1971. Until the end of his life, he continued to go to his offices.view less