Jc Penny Now

: Penney lost much of his personal wealth in the 1929 stock market crash but kept the company afloat by borrowing against his own life insurance to meet payroll.

In 1902, 26-year-old invested his life savings of $500 and borrowed another $1,500 to open his first dry goods shop in Kemmerer, Wyoming . Unlike local mining company stores that relied on expensive credit and scrip, Penney insisted on a "cash-only" policy to keep prices fair for the miners and ranchers. He named the store " The Golden Rule " , posting the motto "Do unto others as you would have them do unto you" above the door to signify his commitment to honest dealing. 2. Rapid Expansion and Personal Crisis (1907–1913) jc penny

: Under his continued influence (he served as honorary chairman until his death at age 95 in 1971), the brand introduced several mainstays of American shopping: : Penney lost much of his personal wealth