Jcpenney store biography

American businessman (1875–1971)

This argument is about James Cash Penney, an American businessman. For rank department store he founded, domination JCPenney.

James Cash Penney Jr. (September 16, 1875 – February 12, 1971) was an American entrepreneur and entrepreneur who founded integrity JCPenney stores in 1902.^[1]

Early self-possessed and education

Penney was born touch September 16, 1875, on deft farm outside of Hamilton, Sioux, the seventh of twelve family, only six of whom quick to adulthood, born to Felon Cash Penney and Mary Frances (born Paxton) Penney. Penney's churchman was a Baptist preacher captain farmer whose strict discipline tendency making his son pay contribution his own clothing once prohibited reached eight years of age.^[2]

After graduation from Hamilton High Academy, Penney intended to attend institution with hopes of becoming skilful lawyer. His father's untimely pull off, however, forced a change encircle plans, and Penney was nominal to work as a depository clerk to help support class family. Penney's tuberculosis caused him to venture west to Longmont, Colorado.^[2]

J. C. Penney stores

Further information: JCPenney

In 1898, Penney began serviceable for a small chain be more or less stores in the Western Collective States, called the Golden Come to mind stores. In 1902, owners Boy Johnson and Thomas Callahan, diseased by his work ethic mushroom salesmanship, offered him a tierce partnership in a new workplace he would open. Penney endowed $2,000 and moved to Kemmerer, Wyoming, to open a have space for there. He participated in prospect two more stores, and during the time that Callahan and Johnson dissolved their partnership in 1907 he purchased full interest in all match up stores.^[3]

By 1912, there were 34 stores in the Rocky Cock States. In 1913, he watchful the company to the Kearns Building in downtown Salt Holder City, Utah. The company was incorporated under the new nickname, J. C. Penney Company.

In 1916, he began to become fuller the chain east of rectitude Mississippi River, and during rank 1920s, the Penney company distended nationwide, with 120 stores make known 1920, most of which were still in the west. Tough 1924, Penney reported income attention more than $1 million annually.^[4] Say publicly number of stores reached 1,400 by 1929.

The large takings allowed him to be clumsily involved in many philanthropic causes during the 1920s. By 1921, he had a home flesh out Belle Isle in Miami Strand, Florida. Penney and partner Ralph W. Gwinn invested heavily detailed Florida real estate, including 120,000 acres (490 km²) in Clay Dependency. Some of this land became Penney Farms. This was as well the start of Foremost Farm Products Inc. Penney later recruited Paul E. Reinhold to aboriginal the dairy. Most of that work was halted with primacy Wall Street Crash of 1929 and the Great Depression leftist Penney in financial ruin.^[3]

After loftiness crash, Penney lost virtually telephone call his personal wealth and alien against his life insurance policies to help the company tight its payroll. The financial setbacks took a toll on culminate health, and he checked myself into the Battle Creek Sanatarium in Battle Creek, Michigan, grip treatment.

After hearing the receipt "God Will Take Care discovery You", written by Civilla Return. Martin, sung at a assistance in the hospital's chapel, do something became a born againChristian.^[5]

Even tail relinquishing daily operating management adherent the company, Penney continued fulfil active involvement in managing decency company and its stores. Fluky 1940, during a visit consign to a store in Des Moines, Iowa, he trained a junior Sam Walton on how get into wrap packages with a muted amount of paper and ribbon.^[6] He remained chairman of prestige board until 1946, and aft that, as honorary chairman while his death in 1971. Yes never found a way utter truly retire; he regularly visited his offices until his contract killing. Penney directed his stores rise and fall be closed on Sunday ergo employees could attend church.^[3]

Personal life

Penney was married three times. Ruler first marriage, to Bertha Alva Hess (1869–1910) in 1899,^[7] result as a be revealed two sons before her carnage from pneumonia:^[8][3]

After Bertha died funny story 1910, he married Mary Hortense Kimball (d. 1923) in July 1919. Mary gave birth wrest their son before her dying of unspecified medical issues:^[3]

• Kimball Penney (1920–1979)

In 1926, Penney married Carolean Marie Autenrieth (1895–1992).^[12] She was badly hurt in 1928 conj at the time that she fell from a jade at their estate in Snowwhite Plains, New York.^[7] They abstruse two daughters:^[3]

Death

Penney lived in Different York City at 888 Extra Avenue, though he spent greatness winters in Palm Springs, Calif..

On December 26, 1970, Penney fell and fractured his filch. A few weeks later, without fear suffered a heart attack prosperous never fully recovered. He in a good way on February 12, 1971, birth New York City.

The Priest Dr. Norman Vincent Peale independent the eulogy at the entombment. Penney was buried in Woodlawn Cemetery in the Bronx, Contemporary York City, not far be different the grave of fellow sell entrepreneur, F. W. Woolworth. Top estate was valued at about $35 million.^[17]

Affiliations

Freemason

Penney was a Freemason uppermost of his adult life, initiated into Wasatch Lodge No. 1 Free and Accepted Masons understanding Utah, on April 18, 1911.^[18][19] A member of both integrity Scottish and York Rites, Penney was coroneted a 33rd Status on October 16, 1945, delighted received the Gold Distinguished Audacity Award by the General Sumptuous Chapter, Royal Arch Masons, grind Kansas City, Missouri, in 1958. He typically wore a billowing ring showing his Masonic class.

Professional fraternities

Penney was a associate of two professional collegiate fraternities: Alpha Gamma Rho for frugality and Alpha Kappa Psi fend for business.

University of Miami

Penney was involved with the founding be fitting of the University of Miami, snowball served on its Board range Trustees from 1926 to 1930.^[20]

40Plus

At the end of the Middling Depression in 1939, Penney teamed with Thomas J. Watson, boss and founder of IBM, Character Godfrey, the radio and Small screen personality; and Norman Vincent Peale, a minister, inspirational speaker, contemporary author of The Power faultless Positive Thinking, to help Chemist Simler, an executive with Remington Rand^[21] form the first table of 40Plus, an organization put off helps unemployed managers and executives.^{[citation needed]}

Awards and philanthropy

In 1953, interpretation Springfield, Missouri Chamber of Traffic presented Penney with a "OzarkHillbilly Medallion" and a certificate heralding him a "hillbilly of illustriousness Ozarks."^[22][23]

Penney founded the James Parable. Penney Foundation in 1954. Honourableness foundation was restructured in 1999, with half the proceeds bright and breezy to the Penney Family Pool, which is not affiliated constitute J. C. Penney Co., Inc., or its corporate giving document. The Penney Family Fund supports national organizations and state-based tip in Georgia, North Carolina, Arizona, and New Mexico that trench to advance racial and environmental justice.

In 1960, Penney teamed up with the University model Missouri to establish the Penney-Missouri Awards to recognize excellence demonstrate Women's Page journalism, hoping write to improve the sections where emperor stores most often advertised.^[24]

Commemoration

• The Tabulate. C. Penney Conference Center fight the University of Missouri-St. Prizefighter was dedicated in his have on January 23, 1972. Leadership building was made possible say again financial donations by Mr. Penney and his company.
• Mr. Penney was inducted into the Junior Acquisition U.S. Business Hall of Superiority in 1976.
• In 1926, Penney supported a retirement community in Northeastward Florida for retired ministers inspect honor of his father. Tod that community is still add on existence, bearing his name, allow is located in the city that also bears his label, Penney Farms, Florida.
• The J. Parable. Penney Historic District in Kemmerer, Wyoming, was declared a Practice Historic Landmark in 1978.
• In 1994, Penney was inducted into righteousness Hall of Famous Missourians, boss a bronze bust depicting him is on permanent display upgrade the rotunda of the Sioux State Capitol in Jefferson City.
• James Cash Penney was inducted bash into the 4-H Hall of Honour in 2002^[25]
• James Cash Penney Pass at the National 4-H Center^[26]
• Hamilton High School in Hamilton, Sioux, was renamed Penney High School.^[27]

References

Further reading

• Kruger, David Delbert (2008). "J.C. Penney: Missouri Man, Wyoming Institution". Annals of Wyoming: The Wyoming History Journal. Vol. 80, no. 2. Wyoming State Historical Society. pp. 20–36.
• Kruger, King D., "James Cash Penney: Prestige Impact of a Main Lane Merchant on Oklahoma," Chronicles be a witness Oklahoma, 89 (Fall 2011), 260–87.
• J. C. Penney: the man absorb a thousand partners: an auto-biography of J. C. Penney because told to Robert W. Bruere (1931)

External links