Old COPPER Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., operates department stores in the United States.
As of February 1, 2020, the company operated 846 department stores throughout the continental United States, Alaska and Puerto Rico, of which 387 were owned, including 110 stores located on ground leases. The company is a major e-commerce retailer in the United States.
The company’s business consists of selling merchandise and services to consumers through its depa...
Old COPPER Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., operates department stores in the United States.
As of February 1, 2020, the company operated 846 department stores throughout the continental United States, Alaska and Puerto Rico, of which 387 were owned, including 110 stores located on ground leases. The company is a major e-commerce retailer in the United States.
The company’s business consists of selling merchandise and services to consumers through its department stores and its website at jcp.com, which utilizes optimized applications for desktop, mobile and tablet devices.
The company primarily sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, and home furnishings. In addition, the company’s department stores provide its customers with services, such as styling salon, optical, portrait photography, and custom decorating.
Seasonality
The company’s annual earnings depend to a great extent on the results of operations for the last quarter of the fiscal year (year ended February 2020), which includes the holiday season, when a major portion of its sales and profits are recorded.
Trademarks
The JCPenney, JCP, Liz Claiborne, Claiborne, Okie Dokie, Worthington, A.N.A A NEW APPROACH, St. John’s Bay, The Original Arizona Jean Co, Ambrielle, Stafford, J. Ferrar, Xersion, Belle + Sky, Total Girl, MONET, JCPenney Home, Studio JCP Home, Sleep Chic, Home Expressions, Adonna, Arizona Jean Co., Artesia, Bijoux Bar, Bold Elements, City Streets, East 5th, Flirtitude, Forever Inspired, North Pole Trading Co., Outdoor Oasis, Paw & Tail, Peyton & Parker, Sheer Caress, Underscore, and Cooks JCPenney Home trademarks, as well as certain other trademarks, have been registered, or are the subject of pending trademark applications with the United States Patent and Trademark Office and with the registries of various foreign countries and/or are protected by common law.
Significant Events
In May 2020, the company entered into a restructuring support agreement with lenders holding approximately 70 percent of its first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
History
Old COPPER Company, Inc. was founded in 1902 by James Cash Penney. The company was incorporated in Delaware in 2002.