Posted: Nov 17, 2012 6:27 AM
Updated: Nov 17, 2012 6:28 AM
NEW YORK (AP) A look at J.C. Penney's milestones:
1902: James Cash Penney, son of a Baptist preacher and farmer, opens The Golden Rule, a dry goods and clothing store in Kemmerer, Wyoming. The name was based on his guiding principle of building a business through serving the community with fair dealing and honest value.
1913: Incorporated in Utah as the J.C. Penney Co. Inc. and the Golden Rule name was phased out.
1914: Headquarters moves from Salt Lake City, Utah, to New York City.
1929: Begins selling shares as a publicly traded company.
1951: Store sales exceed $1 billion for the first time.
1963: Issues its first catalog.
1971: James Cash Penney dies at age 95.
1972: Launches first national television.
1979: Catalog sales pass $1 billion for the first time.
1992: Headquarters moves to Plano, Tex.
1994: Launches jcpenney.com, its online store.
2005: Penney's e-commerce business surpasses $1 billion in sales.
2009: Opens its first store in Manhattan.
2010: Becomes the exclusive retailer of Liz Claiborne and Claiborne in the U.S. and Puerto Rico. Exits catalog business. Introduces mobile coupons.
2011: Ron Johnson, a former Apple executive, becomes CEO.
2012: Implements a new pricing strategy that eliminates hundreds of coupons and sales in favor of everyday lower prices. Begins rolling out new shops in stores to turn the stores into mini-malls of sorts.