Corporate Information | JCPenney Newsroom (2024)

FAQs

Who owns JCPenney now? ›

In late 2020, Simon Property Group (SPG) and Brookfield Asset Management (BAM)—two of the nation's largest property owners—purchased the company for $800 million. At the time of the bankruptcy, JCPenney held $4 billion in debt.

JCPenney's reinvestment strategy includes enhancing its digital capabilities, in-store physical and technology upgrades, and supply chain optimization. Since last August, the company has also announced more than 100 store upgrades and its refreshed Rewards and Credit program.

At JCPenney, we're using AI to create more efficiencies in our ways of working, from implementing tech automations to help our team deliver more efficiently to using AI tools to help with reporting and analysis.

A Chain of Good Men

The store J. C. Penney opened on April 14, 1902, was a one-room wooden building. He and his family lived in the attic above the store. Penney stocked quality products at fair prices for mining and farm families. He accepted “cash only” for his goods, rather than credit.

Today, reports confirm that Shaq is the second-largest individual to own shares in Authentic Brand Group, which owns JCPenney, Forever 21, and, ironically, Reebok.

Shaq owns part of The General, Gold Bond, Icy Hot, Buick, Marilyn Monroe, Elvis Presley, Forever 21, JCPenney, and more. Shaq is an investor, board member, and strategic advisor for several companies. He has served on the board of directors for Papa John's, a pizza chain, and Carnival Cruise Line.

JCPenney was one of the earliest companies to offer items online in the 1990s but struggled to keep up with the shifting retail landscape amid multiple leadership changes. By 2020, it had racked up $5 billion in debt, and it filed for bankruptcy in May.

jcpenney.com's top 5 competitors in July 2024 are: macys.com, landsend.com, nordstromrack.com, nordstrom.com, and more.

Overall, JCPenney's weaknesses are mainly attributed to its inability to adapt to changing consumer preferences and the increasing dominance of e-commerce, along with financial challenges and a lack of effective marketing strategies.

According to a financial filing with the SEC, JCPenney reported a significant decline in net sales and total revenue during the third quarter of fiscal 2023. Net sales dropped by 10.7% to $1.5 billion, while total revenue fell by 11.1% to $1.6 billion compared to the same period in 2022.

What is JCPenney stock worth today? ›

1. The strategy that the new CEO at JcPenney was seeking to implement given the generic strategies, was the Integrated Cost Leadership/Differentiation Strategy.

After hearing the hymn "God Will Take Care of You", written by Civilla D. Martin, sung at a service in the hospital's chapel, he became a born again Christian. Even after relinquishing daily operating management of the company, Penney continued his active involvement in managing the company and its stores.

As one of the nation's largest retailers of apparel, home, jewelry, and beauty merchandise, JCPenney has a portfolio of private and national brands of remarkable quality and exceptional value.

JCPenney, originally J. C. Penney Company, Inc., is named after its founder, James Cash Penney. He founded the company 120 years ago last month on April 14th, 1902 in Kemmerer, Wyoming.

In addition, Shaquille O'Neal is the second-largest individual shareholder of Authentic Brands Group, making him one of the owners of Forever 21, Barneys New York, JCPenney, Reebok, Vince and Hunter Boots. ABG is led by CEO Jamie Salter.

“As a privately-held company we cannot disclose detailed financial information, but we can say that JCPenney is in the best financial position we've been in years,” the retailer said.