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JCPenney

National chain of department stores.

Headquarters: 6501 Legacy Drive
Plano, TX 75024
Employees: 110,000
CEO: Myron Ullman
Stock Symbol: JCP

Website: http://www.jcpenney.com

Career Site

JCPenney is one of America's largest retailers. The company operates over 1,100 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 Joe Fresh boutiques. During 2013, the Company opened 60 new Sephora cosmetic shops inside JCPenney locations, bringing the total to 446.

For the full year 2013, JCPenney reported revenues of $11.85 billion and net loss of $1.38 billion. The company reported comparable store sales decreased 7.4 %. Total sales decreased 8.7 % for the year. Internet sales through jcp.com grew $59 million to $1.08 billion for the year, increasing 5.8 % over last year. The company reported a loss of $985 million for the year. Holiday sales were up 3.1% for the November/December period.

The company has laid off tens of thousands of employees over the past two years at both headquarters and stores.

In January, the company announced it would close 33 underperforming stores this year which would eliminate 2,000 jobs. JCPenney still plans to open a new store location later this year at the Gateway II development in Brooklyn, NY.

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 March 12, 2014