Penney, J(ames) C(ash)

Penney, J(ames) C(ash)
born Sept. 16, 1875, Hamilton, Mo., U.S.
died Feb. 12, 1971, New York, N.Y.

U.S. merchant.

He became a partner in a dry-goods store in Wyoming in 1902 and five years later bought out his partners' shares to launch what became the J.C. Penney Co. His stores offered a wide variety of inexpensive merchandise, and he offered profit-sharing plans, first to managers and later to all employees. By 1929 the company had 1,392 stores across the U.S., and at the time of Penney's death it was the second largest merchandiser in the country, behind Sears, Roebuck and Co.

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