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JCPenney

National chain of department stores.

Headquarters: 6501 Legacy Drive
Plano, TX 75024
Employees: 155,000
CEO: Myron Ullman
Stock Symbol: JCP

JCPenney is one of America's largest department store, catalog, and Internet retailers. The company operates 1,067 JCPenney department stores throughout the United States and Puerto Rico.

JCPenney is the nation's largest catalog merchant of general merchandise, and its website is one of the largest apparel and home furnishings sites on the Internet. The company offers affordable merchandise aimed at a broad audience of shoppers.

JCPenney has introduced exclusive brands for its stores including: Liz & Co, CONCEPTS by Claiborne, and C7P. It has also developed new private brands Ambrielle and Flirtitude.

In fiscal 2007, JCPenney reported revenues of $19.86 billion, down 0.2% over the past year, and net income of $1.11 billion.

The company opened 50 new stores and renovated 65 existing stores in 2007. It plans to open 36 stores in 2008.

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."

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 22, 2008