The American department store chain founded in 1902 by James Cash Penney is JCPenney.
Penney opened the first store on April 14, 1902, in Kemmerer, Wyoming, as part of the Golden Rule chain. He invested about $2,000 and joined partners Guy Johnson and Thomas Callahan. The business expanded rapidly, reaching 34 stores by 1912.
The company adopted the name J. C. Penney Company when it incorporated in 1913. Its early stores sold dry goods and followed a cash-only, fixed-price model, a contrast to older bargaining-based retail practices. The chain later became a major presence in American downtowns and shopping malls.
A common mix-up is treating JCPenney as founded in 1913, the year of incorporation, rather than 1902, when Penney opened the first store. Another nearby fact: Sam Walton, who later founded Walmart, once worked at a JCPenney store.