Tidbits of Greater Ft. Lauderdale & Aventura - Vol 6, Issue 8

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APRIL 17, 2015 Volume 6, Issue 08

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Part Two by Kathy Wolfe Tidbits continues its examination of the history of some famous retailers. • Missouri native James Cash Penney moved to the drier climate of Colorado on his doctor’s advice, as he was susceptible to tuberculosis. In 1898, he found work in a dry goods store called Golden Rule, and proved his worth in a short time. The owners asked Penney to partner with them in opening a new store in Kemmerer, Wyoming, and J.C. Penney opened the store in 1902. He bought out his partners in 1907, and in 1913, changed the chain to the J.C. Penney Company. Just four short years later, there were 175 Penney’s in 22 states. • J.C. Penney lost nearly all his personal wealth in the 1929 stock market crash, but borrowed against his life insurance policies to make payroll until he could recover the company. By 1941, there were 1,600 stores in all 48 states. Penney’s introduced their own credit card in 1959. At their peak in 1973, the company operated 2,053 stores. Today, that number is 1,107. The original “mother store” in Kemmerer is still in operation, and has been declared a National Historic Landmark.

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Published by: Green Planet • 954-667-3237 • e-mail: contact@tidbitsflorida.com • www.TidbitsFlorida.com


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Tidbits of Greater Ft. Lauderdale & Aventura - Vol 6, Issue 8 by Tidbits of Greater Fort Lauderdale & Aventura - Issuu