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JCPenney

National chain of department stores.

Headquarters: 6501 Legacy Drive
Plano, TX 75024
Employees: 117,000
CEO: Myron Ullman
Stock Symbol: JCP

JCPenney is one of America's largest retailers. The company operates 1,060 JCPenney department stores throughout the United States and Puerto Rico.

JCPenney offers affordable merchandise aimed at a broad audience of shoppers in stores and via the Internet.

JCPenney has recently renovated most stores and introduced branded shops within stores including Sephora. It has struggled over the past several years due to falling sales and different leadership.

For the full year 2014, JCPenney reported revenues of $12.25 billion, up 3.4%, and net loss of $771 million. The company reported comparable store sales increased 4.4%. Internet sales through jcp.com grew $145 million to $1.22 billion for the year, increasing 13.4% over last year.

The company said it plans to cut 40 stores by April of 2015 resulting in the loss of 2,250 jobs.

In 2014, the Company opened its first ever store in Brooklyn, N.Y., giving JCPenney a location in all five boroughs of New York City. The Company opened 46 Sephora inside JCPenney boutiques, bringing the total to 492 locations, and announced plans to open 25 additional locations in 2015. In addition, JCPenney, which carries an exclusive assortment of Disney merchandise, is capitalizing on the success of its Disney-branded Shops inside JCPenney by opening an additional 100 locations by back-to-school 2015, bringing the total to nearly 700 locations.

Marvin Ellison, an executive at Home Depot, has been named the new CEO of JCPenney but won't take over until August 2015.

Ellison, president and CEO-designee, said, "I have been very impressed by what I have seen in my first few months at JCPenney. The passion and knowledge of our associates and their dedication to customer service is helping us take back share from our competitors, as we continue to find new ways to put the customer first. I believe 2015 will be an important year for JCPenney, and the team is focused on profitably executing our business."

History

James Cash Penney opened the Golden Rule store in 1902 in Kemmerer, WY. The store offered quality merchandise at affordable prices. By 1909, Penney had established a headquarters office in Salt Lake City to consolidate the chain's buying and accounting operations. At the end of 1912, there were 34 Golden Rule Stores with sales exceeding $2 million. In 1913, the chain incorporated under the laws of the state of Utah as the J.C. Penney Company Inc., and the Golden Rule Store name was phased out. Growth in the company soared as it opened new stores across the country. Mr. Penney's goal has been "to serve the public, as nearly as we can, to its complete satisfaction."

JCPenney closed its catalog and outlet stores in 2011.

Ron Johnson, formerly Sr. Vice President of Retail Operations for Apple, was named CEO of the company on November 1, 2011. He eliminated coupons from the company and tried to implement everyday low pricing.

Ron Johnson was fired as CEO in April 2013 after steep sales declines since taking over. Former CEO Myron Ullman returned to lead the company.

Benefits

New hires can get discounts on JCPenney merchandise immediately upon hire. The discount for in-store furniture purchases and small appliances is 10% and 20% for all other merchandise.

Employees need to become eligible to receive health insurance and other coverage. Employees generally become "Benefits Eligible" on the first day of the fifth month following any consecutive four-month period during which they have worked an average of 35 hours per week in the first two consecutive months of that period and then satisfy the two month waiting period. They must average 35 hours per week on a monthly basis to remain Benefits Eligible.

Savings Plan

If you are at least 21 years of age, you may participate after completing 1,000 hours of service in a 12-consecutive-month period. Your deposits of up to 6% of your Plan compensation qualify for a share of the annual Company matching contribution to this 401(K) plan.

Pension

If you are at least 21 years of age, you will automatically be enrolled in the Pension Plan after completing 1,000 hours of service in a 12-consecutive-month period. The Company pays the full cost. Generally, your pension benefit will be based on your length of service and a percentage of your average final pay.

Updated February 26, 2015