JCPenney is an American department store chain founded by James Cash Penney and William Henry McManus in 1902. The company filed for bankruptcy in 2020 and after an acquisition, continues to operate in a limited capacity. JCPenney posted billion-dollar losses after the GFC and in response, appointed new CEO Ron Johnson. Unfortunately, Johnson alienated the company's target audience by focusing on the affluent market and revamping JCPenney stores without validating his ideas. JCPenney was ultimately crippled by the coronavirus pandemic, becoming one of twenty such companies to meet a similar end in the face of sluggish consumer spending and reduced foot traffic.
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