Word: penney
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...years. Hart Schaffner & Marx reports that double knits make up half of the suits being manufactured under the H.S. & M. label, which are priced from $135 to $200. Double knit departments have been opened at Sears, Roebuck stores, and at least half of the dress slacks sold by J.C. Penney are double knits. "We're manufacturing men's suits as fast as we can, but we hardly get them into the store before they're sold," Genesco Chairman Frank Jarman told TIME'S Eileen Shields. Adds Ralph Lazarus, chairman of the nationwide Federated Department Stores chain...
About two-thirds of Whirlpool's sales come from house brands in Sears, Roebuck and other stores. General Electric makes private-brand appliances for J.C. Penney; refrigerators sold under Penney's Penncrest labels are strikingly similar to G.E.'s models but are usually priced lower. Sears' $187.99 Celebrity portable typewriter is made by SCM Corp., which markets a machine with almost identical works under its own name...
...Penney's unwavering faith in the copybook maxims of his youth roused skepticism in a mercenary age, but his credo underlay his success. At his death last week after a heart attack in Manhattan, Penney, 95, left a 1,660-store empire that he built without compromising the stiff principles he had absorbed from three generations of Baptist-preacher ancestors. He neither smoked nor drank, and for years demanded the same abstemious conduct from his employees. "I believe in adherence to the Golden Rule, faith in God and the country," he often said. "I would rather be known...
...Penney grew up in poverty on a farm near Hamilton, Mo. He credited his father with "selecting my vocation" by arranging a job for him in a local dry-goods store. The pay: $2.27 a month. Later, Penney made his way to Wyoming, where the owners of another dry-goods firm were so impressed with his diligence that they sent him to the mining hamlet of Kemmerer to open a new shop-called The Golden Rule Store. In tiny Kemmerer, almost everybody bought on credit-and paid high prices. Penney, then 26, tried another formula: cash, but with a slender...
Though the chain had been a moneymaker from the start, the Depression wiped out the first fortune of its founder and left him heavily in debt. Penney bounced back, borrowed on his life insurance, and resumed his duties as chairman of the board. He stepped down in 1958, the year that his company finally followed other retail chains by offering credit to its customers, but remained a board member. Until his final illness, he worked regularly at Penney's mid-Manhattan headquarters, where he kept five secretaries busy with volumes of correspondence...