James Cash Penney

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. Originally he planned to go after graduating from high school to college to become a lawyer. However, his father's sudden death forced him to take a job as a salesman to support his family financially. With the beginning of 20 years he moved to Kemmerer and began working as a salesman for the retail chain Golden Rule Store. In 1902 his partnership at a newly opened branch was offered, which he accepted. Five years later, he bought all the shares of its partners and became the sole owner of the Golden Rule Stores, which he renamed the JC Penney Company 1912. At this time there were already 34 stores in the Mountain States.

Until the 1920s, Penney had opened nearly 120 stores in the U.S.. In 1929, there were already 1400th The stock market crash of 1929 put the chain in front of unexpected problems. So had to Penney, who had almost lost his entire fortune, his life insurance to invest in his company, to keep them liquid. These years also left health consequences at Penney and he was in the Battle Creek Sanitarium in Michigan treat. In the following years, the company's situation stabilized again and Penney remained until his death in management and the board involved. James Cash Penney died on February 12, 1971 of a heart attack. He was buried in the Woodlawn Cemetery in New York.

Family

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

Honors

• On January 23, 1972, J. C. was Penney Conference Center named after him at the University of Missouri, as the construction was financed in part by JC Penney.
• James Cash Penney was recorded in 1976 in the U.S. Business Hall of Fame.
• In 1978, the JC Penney Historic District was officially listed in Kemmerer in the list of historical landmarks.
• James Cash Penney was inducted into the Hall of Famous Missourians on 2 March 1994.
• The Penney High School in Hamilton was named after him.