Wyoming’s JCPenney Stands While Others Collapse

KMART almost does not exist anymore. Same with Radio Shack and Sears. What about JCPenney? That major retail chain that started in Wyoming?

Founded in 1902 by James Cash Penney in Kemmerer, Wyoming, “The Golden Rule” store grew from a small dry goods shop into a major American department store chain. Known for its cash-only, low-price policies, JCPenney expanded rapidly, incorporated in 1913, became a mall staple, and weathered major economic downturns before navigating bankruptcy in 2020 and emerging under new ownership.

As of early 2025, JCPenney remains in business, operating roughly 650 stores across the U.S. and Puerto Rico. Following its 2020 Chapter 11 bankruptcy, the retailer was acquired by Simon Property Group and Brookfield Asset Management. In January 2025, it merged with SPARC Group to form Catalyst Brands, though it continues to operate under the JCPenney name.

Here is the timeline of where it started and where the company is today.

1902–1913: The Golden Rule Era: James Cash Penney opened his first store in Kemmerer, Wyoming, on April 14, 1902. He focused on quality goods, low prices, and no credit, expanding to 34 stores by 1912.

1913–1950s: National Growth: The company was incorporated as J.C. Penney Company in 1913, moving its headquarters to New York City in 1914. It expanded rapidly, reaching 1,000 stores by 1929.

1960s–1980s: Mall Expansion: The company became a premier anchor tenant in suburban shopping malls and introduced a popular catalog business.

2000s–2020: Decline & Bankruptcy: Increased competition from big-box retailers (Walmart, Target) and e-commerce led to a decline. The COVID-19 pandemic forced a Chapter 11 bankruptcy filing in May 2020.

2020–Present: Reorganization: JCPenney emerged from bankruptcy in late 2020, purchased by mall owners Simon Property Group and Brookfield Asset Management.