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JCPenney

National chain of department stores.

Headquarters: 6501 Legacy Drive
Plano, TX 75024
Employees: 116,000
CEO: Myron Ullman
Stock Symbol: JCP

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 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 introduced a new logo in 2012 and plans to create branded shops within stores including Joe Fresh boutiques. Many stores are being renovated.

In fiscal 2012, JCPenney reported sales of $12.98 billion, down 25.2% over the past year. Internet sales have also dropped sharply with $1.02 billion in 2012, down 33% from the previous year. The company reported a loss of $985 million for the year.

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

Ron Johnson was fired as CEO in April after poor sales over the past year. Former CEO Myron Ullman has returned to lead the company.

Myron Ullman said, "While jcpenney has faced a difficult period, its legacy as a leader in American retailing is an asset that can be built upon and leveraged. To that end, my plan is to immediately engage with the Company's customers, team members, vendors and shareholders, to understand their needs, views and insights. With that knowledge, I will work with the leadership team and the Board to develop and clearly articulate a game plan to establish a foundation for future success."

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."

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.

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 April 10, 2013