James Cash Penney

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James Cash Penney, Jr. (born September 16, 1875 in Hamilton , † February 12, 1971 in New York ) was an American entrepreneur and founder of the retail chain JC Penney .

Life

James Cash Penney was born on September 16, 1875, the seventh of twelve children on a farm outside of Hamilton . He originally planned to go to college after graduating from high school to become a lawyer. However, the unexpected death of his father forced him to take up a job as a salesman in order to support his family financially. In his early 20s, he moved to Kemmerer and started working as a salesman for the retail chain Golden Rule Store. In 1902 he was offered a partnership in a newly opened branch, which he accepted. Five years later he bought all of his partners' shares and became the sole owner of the Golden Rule Stores, which he renamed the JC Penney Company in 1912. At that time there were already 34 branches in the Mountain States .

The first JC Penney store in Kemmerer

By the 1920s, Penney had opened almost 120 stores in the United States . In 1929 there were already 1,400. The stock market crash of 1929 presented the chain with unexpected problems. Penney, who had lost almost all of his fortune, had to invest his life insurance in his company to keep it liquid. Those years also had health consequences for Penney and he sought treatment at the Battle Creek Sanitarium in Michigan . In the following years the company's situation stabilized again and Penney remained involved in management and the board of directors until his death. James Cash Penney died on February 12, 1971 of complications from a heart attack. He was buried in Woodlawn Cemetery , New York .

family

James Cash Penney married three times. His first wife, Betha Alva Hess, with whom he had two sons, died of pneumonia. His second wife, Mary Hortense Kimball, gave birth to a son and died in 1924. Penney was married to his third wife, Caroline Marie Autenrieth, for 45 years until his death. With her he fathered two daughters.

Honors

  • On April 18, 1911, JC Penney became a member of the Masons ( Wasatch Lodge No. 1 in Salt Lake City ).
  • On January 23, 1972, the JC Penney Conference Center at the University of Missouri was named after him, as the construction was financed by JC Penney, among others.
  • James Cash Penney was inducted into the US Business Hall of Fame in 1976 .
  • In 1978, the JC Penney Historic District in Kemmerer was officially added to the List of Historic Landmarks.
  • James Cash Penney was inducted into the Hall of Famous Missourians on March 2, 1994.
  • Penney High School in Hamilton was named after him.

Web links

Individual evidence

  1. ↑ JC Penney Freemason on the Grand Lodge of British Columbia and Yukon website (accessed February 25, 2016)
  2. ^ University of Missouri-St. Louis, School of Professional and Continuing Studies ( Memento of the original dated June 6, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. English, accessed June 8, 2013  @1@ 2Template: Webachiv / IABot / www.umsl.edu
  3. ↑ US Business Hall of Fame, Recipients ( Memento of the original from June 9, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. English, accessed June 8, 2013  @1@ 2Template: Webachiv / IABot / www.ja.org
  4. ↑ National Historic Landmarks Program ( Memento of the original from June 15, 2006 in the Internet Archive ) Info: The archive link was automatically inserted and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. English, accessed June 8, 2013  @1@ 2Template: Webachiv / IABot / tps.cr.nps.gov
  5. ^ Hall of Famous Missourians English, accessed June 8, 2013
  6. ^ Penney High School English, accessed June 8, 2013
personal data
SURNAME Penney, James Cash
ALTERNATIVE NAMES Penney, JC
BRIEF DESCRIPTION American entrepreneur, founder of JC Penney
DATE OF BIRTH September 16, 1875
PLACE OF BIRTH Hamilton, Missouri , USA
DATE OF DEATH February 12, 1971
Place of death New York , USA