Content about James Cash Penney

August 5, 2014

J.C. Penney Company will open its first-ever store in Brooklyn, further increasing its New York City footprint, on Aug. 29.

Plano, Texas -- J.C. Penney Company will open its first-ever store in Brooklyn, further increasing its New York City footprint, on Aug. 29. The all-new 124,000-sq.-ft., single-level store, located in Gateway Center, will provide a look at Penney's updated store model, which includes a new footwear format, an increased focus on jewelry, and new energy efficiency standards.

February 13, 2014

J. C. Penney Company, Inc. has named Ed Record executive VP and CFO, effective March 24. He will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition.

Plano, Texas — J. C. Penney Company, Inc. has named Ed Record executive VP and CFO, effective March 24. He will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition.

As CFO, Record will be responsible for the financial operations of the company. He will report to Myron E. (Mike) Ullman III, CEO of J.C. Penney, and join the company`s executive board.

January 15, 2014

J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country.

Dallas -- J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country. The shutterings, which will result in the elimination of about 2,000 positions, are expected to result in an annual cost savings of approximately $65 million, beginning in 2014.

December 3, 2013

J. C. Penney said that its same-store sales rose 10.1% for the fiscal month ending November 30, 2013.

Plano, Texas  -- J. C. Penney said that its same-store sales rose 10.1% for the fiscal month ending November 30, 2013.  The retailer's stock was up 4.6% to $10.57 percent in after-hours trading Tuesday.

October 25, 2013

J. C. Penney Company has teamed up with the shopping app, Shopkick.

Plano, Texas -- J. C. Penney Company has teamed up with the shopping app, Shopkick. Shoppers will be able to earn "kicks," Shopkick’s proprietary reward currency, along with special offers from Penney, when visiting the retailer’s store locations across the country.

August 13, 2013

J.C. Penney Co. announced that activist investor and hedge fund manager Bill Ackman has resigned from the board of directors of the company, effective Aug. 12.

New York -- J.C. Penney Co. announced that activist investor and hedge fund manager Bill Ackman has resigned from the board of directors of the company, effective Aug. 12. His resignation comes in the wake of a very public and heated campaign in which he called for the ouster of Penney interim CEO Myron Ullman and chairman Thomas Engibous.

April 24, 2013

Another Ron Johnson-appointee and former Apple executive has left J.C. Penney.

New York -- Another Ron Johnson-appointee and former Apple executive has left J.C. Penney. Ben Fay, who was brought as EVP real estate, store design and development, has left the company, according to the Dallas Morning News. Returning to Penney in an advisory capacity is the chain's former senior VP of property development, Tom Clerkin, who took early retirement from the company last year, the report said.

April 23, 2013
J. C. Penney Company announced the promotion of Brynn Evanson to EVP human resources, leading all HR functions across stores, supply chain and the home office, including team member relations, recruiting, learning and development, compensation and benefits, and talent operations.

Plano, Texas -- J. C. Penney Company announced the promotion of Brynn Evanson to EVP human resources, leading all HR functions across stores, supply chain and the home office, including team member relations, recruiting, learning and development, compensation and benefits, and talent operations. Evanson will join the company`s executive board, reporting to CEO Myron E. (Mike) Ullman, III.

Evanson, 44, joined J.C. Penney in 2009 and most recently served as VP compensation, benefits and talent operations.
 

February 13, 2013

J. C. Penney Co boosted its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date.

New York -- J. C. Penney Co boosted its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date.  

"As we enter the second year of our transformation, today's announcement reflects the confidence of our banking group in our long-term strategy and further strengthens our liquidity position as we continue to execute our plan," J.C. Penny CFO Ken Hannah said in a statement.

September 14, 2012

J. C. Penney Company said that in conjunction with an open house tour of its new in-store shops, the company will webcast a question and answer session with its chief executive officer, Ron Johnson.

Plano, Texas -- J. C. Penney Company said that in conjunction with an open house tour of its new in-store shops, the company will webcast a question and answer session with its chief executive officer, Ron Johnson.

The question and answer session will be held on Sept.19, starting at approximately 2:45 p.m. ET and will be available via live webcast on J.C. Penney’s Investor Relations page.

Replays of the webcast will be available for up to 90 days after the event.

August 6, 2012

J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers detailing how it is returning to the pricing policies its founder James Cash Penney intended.

New York -- J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers  detailing how it is returning to the pricing policies its founder James Cash Penney intended.

"While you will see many changes, you can rest assured that we'll never lose sight of our founder's values," Johnson wrote. "When James Cash Penney built his first retail stores over a century ago, he called them 'The Golden Rule,' because treating customers with respect was his highest priority."

August 6, 2012

J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers detailing how it is returning to the pricing policies its founder James Cash Penney intended.

New York -- J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers  detailing how it is returning to the pricing policies its founder James Cash Penney intended.

"While you will see many changes, you can rest assured that we'll never lose sight of our founder's values," Johnson wrote. "When James Cash Penney built his first retail stores over a century ago, he called them 'The Golden Rule,' because treating customers with respect was his highest priority."

July 25, 2012

J.C. Penney announced a partnership with Canadian fast-fashion brand Joe Fresh that will see some 700 Joe Fresh in-store boutiques open in J.C. Penney department stores in April 2013.

Plano, Texas -- J.C. Penney announced Wednesday a partnership with Canadian fast-fashion brand Joe Fresh that will see some 700 Joe Fresh in-store boutiques open in J.C. Penney department stores in April 2013.
 

July 18, 2012

J. C. Penney Co. will implement a complete, open and integrated suite of Oracle Retail solutions designed to streamline operations and improve the cross-channel customer experience.

Redwood Shores, Calif. -- J. C. Penney Co. will implement a complete, open and integrated suite of Oracle Retail solutions designed to streamline operations and improve the cross-channel customer experience. The department store retailer will deploy applications in a host of critical areas, including merchandising, supply chain and store operation, to support its transformation initiatives.
 

May 15, 2012

J.C. Penney Co. reported a wider-than-expected loss of $163 million, or 75 cents a share, for its fiscal quarter ended April 28, 2012, compared with a year-earlier profit of $64 million.

Dallas -- J.C. Penney Co. on Tuesday reported a wider-than-expected loss of $163 million, or 75 cents a share, for its fiscal quarter ended April 28, 2012, compared with a year-earlier profit of $64 million.

Excluding markdowns to reduce inventory levels, restructuring costs and pension-plan expenses, the loss was $55 million or $0.25 per share, compared with a year-earlier profit of 36 cents.

May 3, 2012

J. C. Penney Co. said that Ken Hannah has been named CFO, effective May 7.

Dallas -- J. C. Penney Co. said that Ken Hannah has been named CFO, effective May 7.

Hannah, who brings over 20 years of finance, operations and audit experience from a wide range of leading companies that include General Electric, Boeing and The Home Depot, has spent the last six years at MEMC Electronic Materials, where he served as president of solar energy, responsible for improving process discipline, simplifying the organization and reducing cost to drive growth in the company's solar business

January 18, 2012

J. C. Penney Co. has tapped another former Apple executive to join its executive ranks. J. C. Penney announced that Kristen E. Blum has been named executive VP and chief technology officer, effective Jan. 23.

Plano, Texas -- J. C. Penney Co. has tapped another former Apple executive to join its executive ranks. J. C. Penney announced that Kristen E. Blum has been named executive VP and chief technology officer, effective Jan. 23. She reports to COO Mike Kramer, and has responsibility for the company's jcp.com business and information technology systems.

January 10, 2012

J.C. Penney Co. announced that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28.

Plano, Texas -- J.C. Penney Co. announced Tuesday that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28.

Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman's role from Myron E. (Mike) Ullman, III, J.C. Penney’s former CEO, who will step down as executive chairman.

Engibous is the retired chairman of Texas Instruments Inc.

October 18, 2011

SB Capital Group, a Schottenstein affiliate, said Monday it has acquired 15 J.C. Penney Outlet Stores from J. C. Penney Co., and will rebrand the units as JC’s 5 Star Outlet.

Columbus, Ohio -- SB Capital Group, a Schottenstein affiliate, said Monday it has acquired 15 J.C. Penney Outlet Stores from J. C. Penney Co., and will rebrand the units as JC’s 5 Star Outlet.

According to SB Capital, the stores will operate for up to a 21-month transitional period as J.C. Penney Outlet Stores, as the stores are converted to JC's 5 Star Outlet. J.C. Penney will continue to supply the stores with overstocks and end-of-season merchandise, and all existing store staffs and management have been retained.

October 12, 2011

J. C. Penney Co. said Wednesday it will acquire the worldwide rights for the Liz Claiborne family of brands, as well as the United States and Puerto Rico rights for the Monet brand for $267.5 million.

Plano, Texas -- J. C. Penney Co. said Wednesday it will acquire the worldwide rights for the Liz Claiborne family of brands, as well as the United States and Puerto Rico rights for the Monet brand for $267.5 million.

The company has been the exclusive licensee for all Liz Claiborne and Claiborne-branded merchandise in the United States and Puerto Rico since August 2010.

June 20, 2011

J.C. Penney Co. on Monday detailed the timeline of its upcoming change in executive management with the news that current CEO and chairman Myron “Mike” Ullman will leave the company and the board in February 2012 after a three-month transition period during which he will hand over the reins in full to his successor, Apple retail guru Ron Johnson.

New York City -- J.C. Penney Co. on Monday detailed the timeline of its upcoming change in executive management with the news that current CEO and chairman Myron “Mike” Ullman will leave the company and the board in February 2012 after a three-month transition period during which he will hand over the reins in full to his successor, Apple retail guru Ron Johnson.

June 14, 2011

Ron Johnson, the man credited with building Apple’s wildly successful retail empire, is leaving the high-tech company to become CEO of J.C. Penney Co.

New York City -- Ron Johnson, the man credited with building Apple’s wildly successful retail empire, is leaving the high-tech company to become CEO of J.C. Penney Co.

May 2, 2011

J. C. Penney Corp. has completed a new five-year $1.25 billion bank credit facility.

Plano, Texas -- J. C. Penney Corp. has completed a new five-year $1.25 billion bank credit facility.

The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.
 

February 9, 2011

J. C. Penney Co. announced Wednesday that its board of directors has elected William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors.

Plano, Texas -- J. C. Penney Co. announced Wednesday that its board of directors has elected William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors.

The appointments had been previously announced on Jan. 24. 
 

January 11, 2011

J. C. Penney Co. has named Michael Dastugue as executive VP and CFO.

Dallas -- J. C. Penney Co. has named Michael Dastugue as executive VP and CFO. He served most recently as senior VP finance, and was responsible for directing the financial strategies of all J.C. Penney business units.

Dastugue succeeds Robert Cavanaugh, who will serve as an adviser to chairman and CEO Myron Ullman until his retirement in January 2012.