JC Penney USD 5.875% 1-Jul-23 senior secured notes
JC Penney was founded in 1902 by James Cash Penney and the company has grown to be a major retailer, operating 1,011 department stores in 49 states in the United States and Puerto Rico, as at 29 July 2017. The business consists of selling merchandise and services to consumers through department stores and the company’s website at jcpenney.com, which utilises fully optimised applications for desktop, mobile and tablet devices.
JC Penney’s department stores and website generally serve the same type of customers, its website offers virtually the same mix of merchandise as its in store assortment along with other extended categories that are not offered in store. The company fulfils online customer purchases by direct shipment to the customer from distribution facilities and stores or from suppliers’ warehouses and by in store customer pick up. JC Penney sells family apparel and footwear, accessories, fine and fashion jewellery, beauty products through Sephora inside JC Penney and home furnishings. In addition, its department stores provide customers with services such as styling salon, optical, portrait photography and custom decorating.
JC Penney is one of the largest department store chains and e-commerce retailers in the United States. The company is headquartered in Plano, Texas and through its purchasing subsidiary, maintained buying and quality assurance offices in ten foreign countries as at 30 April 2016. The company has a diversified supplier base, both domestic and foreign, and are not dependent to any significant degree on any single supplier. The company purchases its merchandise from approximately 2,300 domestic and foreign suppliers, many of which have done business with the company for many years.