The Company introduces the sale of zero coupon bonds, the first of their kind in domestic public markets. The Executive department is reorganized to include the Office of the Chairman. 1982 JCPenney Stores Positioning Statement is issued. Fashion programs for men's, women's, and children's expand as the Company aims at the expectations of its department store target customers. Manchester, Conn., catalog distribution center opens.
Plans call for a merchandise mix emphasizing apparel, leisure lines, and home furnishings.
Auto service, hard-line appliances, paint and hardware, lawn and garden merchandise, and fabrics are dropped. William R. Howell is elected the Company's sixth Chairman of the Board. Several major industrial companies become mail order pharmacy customers of Thrift Drug. The First National Bank of Harrington, Del., becomes the JCPenney National Bank. Stores and catalog accept American Express cards in addition to VISA, MasterCard, and the JCPenney card.