Sears and JCPenney Not Forgotten - MR Magazine (2024)

FAQs

Is Sears older than JCPenney? ›

Sears and JCPenney share three things in common. Each is old, with Sears founded in 1892 and JCPenney in 1898. For years, each was among the largest retailers in America.

Penney's Legacy

James Cash Penney died in New York City on February 12, 1971, at the age of ninety-five. He is buried at Woodlawn Cemetery in the Bronx. On April 14, 2002, the J. C. Penney Company celebrated one hundred years in business.

JCPenney has struggled with financial issues for years, including declining sales and mounting debt. These financial issues made it difficult for the company to invest in its stores and compete with other retailers.

With virtually all of its stores closed amid a nationwide lockdown, in May 2020, JCPenney's holding company filed for bankruptcy protection. It was a hard landing for this once-prominent retail giant that, at its height in 1973, operated more than 2,000 stores.

On April 7, 1818, Henry Sands Brooks opened H. & D.H Brooks & Co., which later became Brooks Brothers. Brooks called upon his sons to help run the store, creating a family business that would last over 200 years. Today, the company is the longest-running retailer in the US and can even be seen worn by presidents.

He returned to Chicago in 1892 and established a new mail-order firm, again selling watches and jewelry, with Roebuck as his partner, operating as the A. C. Roebuck watch company. On September 16, 1893, they renamed the company Sears, Roebuck, and Co. and began to diversify the product lines offered in their catalogs.

On February 12, 1971, James Cash Penney died at the age of 95; the company's stores were closed the morning of his funeral on February 16. That year, the company adopted the JCPenney style in advertising.

James Cash Penney married three times in his life. First wife Bertha Alva Hess died of pneumonia, second wife Mary Hortense Kimball also died of unspecified medical issues in 1924. Finally Penney found lasting love with third wife Caroline Marie Autenrieth, to whom he was married forty-five years until his death.

And yet, after all that time, do you know what the J.C. stands for? Answer: Its founder — James Cash Penney — had a great name when it comes to money. Peoria and Champaign, by the way, still have J.C. Penney stores.

JCPenney filed for Chapter 11 bankruptcy protection in May 2020 after the COVID-19 pandemic exacerbated existing problems. It was ultimately purchased by Simon Property Group and Brookfield Asset Management. Simon Property Group is a real estate investment trust (REIT) that is headquartered in Indianapolis, Indiana.

Who bailed out JCPenney? ›

Mall owners Simon and Brookfield bought JCPenney out of bankruptcy.

JCPenney unveils plans for $1 billion remodeling of stores and website upgrade. JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.

The company's management, led by former Levi's executive Marc Rosen since 2021, “deserves credit for stabilizing the business,” according to Saunders. “While JCPenney is in decline, it has remained profitable and has made progress in terms of clearing down inventory,” he said.

JCPenney proudly serves customers at more than 650+ stores across the United States and Puerto Rico, and at the Company's flagship store, jcp.com. JCPenney is one of the nation's largest retailers of apparel, home, jewelry, and beauty merchandise with a growing portfolio of private and national brands.

Number of JCPenney stores in the United States in 2024

There are 663 JCPenney stores in the United States as of March 20, 2024. The state and territory with the most number of JCPenney locations in the US is Texas, with 73 stores, which is about 11% of all JCPenney stores in the US.

To exploit this opportunity, he opened the first Sears retail store (in Chicago) in 1925, and the number of stores increased so rapidly that by 1931 retail sales had topped mail-order sales.

Sears navigated the challenge brilliantly when it opened its first department store in Chicago in 1925. Under the managerial leadership of Gen. Robert E. Wood, who had formerly worked with mail-order competitor Montgomery Ward, Sears initiated a rapid expansion outside of urban centers.

It is true that Brooks Brothers, founded in 1818, is both the oldest retail chain and oldest retail clothing company in America.

The business that would become Chicago's leading company and America's leading retailer for much of the twentieth century was founded in 1893 by Richard W. Sears. In 1887, Sears moved his watch-selling business from Minneapolis to Chicago and hired watchmaker Alvah C. Roebuck to assist him.