James Cash Penney, Jr. was an American businessman and entrepreneur best known for founding J.C. Penney stores. Penney began working for a chain of stores in the northwest in 1898. The owners were so impressed by his work ethic, they offered him partnership in a new store. In 1902 (at the age of 27), he invested $2,000 (roughly $50,000 today), in a store in Kemmerer, Wyoming. By 1907, his partnerships dissolved and he had full ownership of three stores. By 1912, he ran 34 stores, and set up headquarters in Salt Lake City. By 1924, his annual income was more than one million dollars.