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What happened to JCPenney?

At its peak, JCPenney was the number two department store in America, operating more than 2,000 stores and generating billions in annual sales . The company helped pioneer suburban mall retail, launched one of the most iconic catalogs in American history, and built a brand rooted in the “Golden Rule.”

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This JCPenney documentary explores The rise and fall of JCPenney — from a $20 billion retail powerhouse to Chapter 11 bankruptcy.

After decades of dominance, JCPenney began facing pressure from every direction. Walmart and Target attacked from below with lower prices and stronger supply chains. Macy’s and Nordstrom captured higher-end shoppers. Amazon and e-commerce reshaped consumer behavior. Revenue fell sharply during the financial crisis, and the stock collapsed from $85 to $25 .

Then came the bold turnaround attempt.

Activist investor Bill Ackman invested over $1 billion and recruited former Apple retail chief Ron Johnson, paying him a $52.7 million signing bonus to reinvent the brand . Johnson eliminated coupons, ended sales promotions, and introduced “fair and square” pricing — removing a strategy that 70% of transactions depended on .

The result was catastrophic.

Same-store sales plunged 32% during the holiday quarter . Revenue dropped 25% for the year, and the company posted a loss exceeding $1 billion . Johnson was fired after just 17 months. Ackman exited with massive losses. The brand never fully recovered.

After years of losses, mounting debt, and store closures, JCPenney filed for Chapter 11 bankruptcy in 2020 . The stock, once trading at $85, fell below $0.20 .

This business breakdown examines:

– Why JCPenney succeeded for over a century
– How mall dependency became both a strength and a weakness
– Why the Ron Johnson strategy failed
– The danger of ignoring customer psychology
– What founders and CEOs can learn about testing before transformation

The rise and fall of JCPenney is a case study in retail disruption, leadership overconfidence, and the risks of radical change without validation.

For entrepreneurs, investors, and operators, this story is a reminder: bold vision without customer alignment can destroy even the strongest legacy brands.