Domestic bonds: J.C. Penney Corporation, 5.65% 1jun2020, USD (US708130AD14) (2024)

FAQs

What does JC stand for in JCPenney? ›

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.

Penney OpCo LLC: Overview

Penney OpCo LLC (JC Penney) operates a chain of department stores that offers a portfolio of private and national brands.

Like other retailers, J.C. Penney struggled during the onset of the pandemic and filed for Chapter 11 bankruptcy as a public company loaded with debt. J.C. Penney's retail arm was acquired through the bankruptcy court by Brookfield Asset Management and Simon Property Group.

In late 2020, Simon Property Group (SPG) and Brookfield Asset Management (BAM)—two of the nation's largest property owners—purchased the company for $800 million. At the time of the bankruptcy, JCPenney held $4 billion in debt.

JCPenney was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney. The first store, named The Golden Rule, set the standard by which we have operated for over a century – to treat others as we would like to be treated.

James Cash Penney Jr.

(September 16, 1875 – February 12, 1971) was an American businessman and entrepreneur who founded the JCPenney stores in 1902. James Cash Penney Jr.

JC Penney declared bankruptcy. The value of the existing stock is zero. There could be a very remote chance of it being worth something but the odds are a million to one of any value. The bankruptcy court will decide who gets what but common stockholders are so far down on the list there will be nothing left for them.

Marc Rosen became CEO in 2021. In April 2022, JCPenney's owners—Simon and Brookfield—offered $8.6 billion to purchase Kohl's. Sephora had already announced plans to contract exclusively with Kohl's by 2023, and had piloted Sephora Inside Kohls at select store locations.

JCPenney's debt of about $4 billion forced it into bankruptcy in May 2020. It now has $485 million in long-term debt and liquidity of $1.5 billion. Long-term debt was reduced by $500 million in December 2021.

What was the other name for JCPenney? ›

Penney turned the venture into a great success, and by 1913 had ownership of 34 Golden Rule stores which were renamed J.C. Penney.

With the exception of certain private brand window coverings, JCPenney does not manufacture any of the products that we sell. For our private brand merchandise, we source from suppliers that operate in or import from over 30 countries.

J. C. Penney Company, Inc. is a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). JCP was incorporated in Delaware in 1924, and J. C. Penney Company, Inc.

Sephora didn't renew its 15-year contract with JCPenney and moved its in-store shops to Kohl's, which has said it plans to put Sephora in all 1,100 of its stores. About 600 are open now. Target has been adding Ulta Beauty in-store shops to its stores.