James Cash Penney

Date of Birth: September 16, 1875

Zodiac Sign: Virgo

Date of Death: February 12, 1971

Biography

James Cash Penney, commonly known as J.C. Penney, was an American businessman and entrepreneur best known for founding the J.C. Penney stores, a chain of American department stores. Born on September 16, 1875, in Hamilton, Missouri, Penney grew up in a modest household where he learned the values of hard work and thrift. He began his career in retail at the age of 23 when he started working for the Golden Rule store in Wyoming. In 1902, he partnered with Thomas Callahan and Guy Johnson to open his first store, which would later become J.C. Penney. The chain expanded rapidly, and by 1924, there were over 500 stores. Penney was a pioneer in the retail industry, known for his ethical business practices and customer-first philosophy. He also had a deep commitment to philanthropy, particularly in the areas of education and community welfare. Penney passed away on February 12, 1971, but his legacy continues through the J.C. Penney brand, which remains a staple in American retail.

5 Interesting Facts about James Cash Penney

1. James Cash Penney started his first store with a $500 loan from a friend.

2. He was a strong advocate of the Golden Rule, which he applied to his business philosophy.

3. Penney was deeply religious and believed that his success was a result of his faith and ethical business practices.

4. He was nearly bankrupt during the Great Depression but managed to rebuild his wealth and business.

5. J.C. Penney was a major philanthropist, donating millions to educational institutions and community organizations.

5 Most Interesting Quotes from James Cash Penney

1. “The Golden Rule finds no limit of application in business.”

2. “Growth is never by mere chance; it is the result of forces working together.”

3. “Give me a stock clerk with a goal, and I’ll give you a man who will make history. Give me a man without a goal, and I’ll give you a stock clerk.”

4. “Success will always be measured by the extent to which we serve the buying public.”

5. “Do not primarily train men to work. Train them to serve willingly and intelligently.”

Highest Net Worth Achieved

The highest net worth achieved by James Cash Penney was estimated to be around $35 million, which would be over $400 million today when adjusted for inflation.