In Chapter 7 bankruptcy, the trustee can assume or terminate unexpired leases or executory contracts. Learn more. If you have an unexpired lease or executory contract when you file for Chapter 7 bankruptcy, the bankruptcy trustee may assume or terminate the lease or contract. Read on to learn what it means to assume or terminate a lease, how likely it is that the trustee will assume your lease, and what happens if you want to terminate the lease.
JCPenney History. JCPenney, also called JCP or Penneys, was founded by James Cash Penney in 1902 as the Golden Rule Store. Penney bought out his 2 partners in 1907 and began calling the stores J.C. Penny in 1913.
J.C. Penney was an American businessman born on September 16, 1875 in Caldwell County, Missouri. He worked at a dry goods store where he learned the business and eventually opened his own store in 1902. He expanded to 175 stores by the time he retired in 1917.