JCPenney is a mid-sized American department store business with 669 locations in 49 states and Puerto Rico. JCPenney filed for Chapter 11 bankruptcy protection in May 2020, and Simon Property Group and Brookfield Asset Management decided to buy the company for about $800 million in cash and debt in September 2020.
Who Owns JCPenney?
JCPenney is currently owned by Brookfield Asset Management and Simon Property Group. They purchased the company in 2020, when JCPenney filed for bankruptcy in May, 2020. The deal was worth $800 million in cash & debt.
Who founded JCPenney?
JC Penney opened his first retail store in Kemmerer, Wyoming in partnership with Guy Johnson & Thomas Callahan in 1902. This was the beginning of JC Penney’s long journey in retail.
In 1907, his other partners dissolved the partnership and JC Penney aquired all their interests in the company and moved to Utah. In 1913, JC Penney had 34 stores and the company was incorporated under the new name, J. C. Penney Company.
Since then, the company grew tremendously with 124 stores by 1917.