: Under his continued influence (he served as honorary chairman until his death at age 95 in 1971), the brand introduced several mainstays of American shopping:
: Amidst this professional rise, Penney faced personal tragedy when his wife, Berta, died in 1910. Devastated, he later recounted finding spiritual solace at the Bowery Mission in New York City, an experience that deepened his religious and ethical business convictions. 3. The National Giant (1920s–1970s) By 1928, the company operated over 1,000 stores nationwide.
: Penney lost much of his personal wealth in the 1929 stock market crash but kept the company afloat by borrowing against his own life insurance to meet payroll. jc penny
Penney’s success was driven by a unique "manager-partner" model, where he allowed successful store managers to buy a one-third stake in new locations they helped launch.
: Shifted away from its traditional cash-only model in 1958 . : Under his continued influence (he served as
In 1902, 26-year-old invested his life savings of $500 and borrowed another $1,500 to open his first dry goods shop in Kemmerer, Wyoming . Unlike local mining company stores that relied on expensive credit and scrip, Penney insisted on a "cash-only" policy to keep prices fair for the miners and ranchers. He named the store " The Golden Rule " , posting the motto "Do unto others as you would have them do unto you" above the door to signify his commitment to honest dealing. 2. Rapid Expansion and Personal Crisis (1907–1913)
: Following the impacts of e-commerce and the 2020 pandemic, the company filed for Chapter 11 bankruptcy in May 2020. The National Giant (1920s–1970s) By 1928, the company
: By 1913, the chain had grown to 34 stores and was officially incorporated as the J.C. Penney Company .