Cashing in on a Name

James Cash Penney got his start as clerk working for a small Colorado chain called the Golden Rule. In 1902, his bosses offered him an ownership stake in the company if Penney would move to tiny Kemmerer, Wyoming, and start a Golden Rule store there. Penney took the offer and his store was so successful that by 1907, he was able to buy out the other two stores in the Golden Rule chain. By 1912, Penney had over 30 stores in the region, and he incorporated them all under a new name—the J.C. Penney Company.