Friday, June 3, 2011

JC Penny early history

James Cash Penny started his business as a partner with two other men in a dry goods and clothing store in Kemmerer. The name of the store was The Golden Rule.

By 1912 there were 34 Golden Rule stores, but the following year it was incorporated to JC Penney when James Cash Penney accepted a majority ownership of the chain, William McManus still being a partner.

The stores continued to use the Golden Rule name for another six years.

In two year alone from 1915 to 1917 the company grew from 83 stores to 175. The chain expand rapidly as stores mangers were allowed to open new stores, keeping one quarter of the profits, as soon as they were successful.

Penny step down as company president in 1917, by which tome the chain had 177 stores and annual sales of some $14 million. He became chairman of the board leaving operational responsibility in the hands of the new president, Earl Corder Sams.

The company grew rapidly and by 1929 it sale had reached $210 million.

This simple concept led the store massive expansion and making it the second-biggest retailer in the country by 1970.

The mother store is located in Kemmerer, Wyoming and still operates as of 2007.
JC Penny early history

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