| OCR Text |
Show Many Stores Added To Penney Holdings Taking over 54 retail stores, known as the F. S. Jones Company Store?, operating mainly in the northwest states, the J. C. Penney company has increased its retail establishments throughout the country well over the 825 mark, according to announcement announce-ment made this week by officials of the Penney organization. The Jones stores, located in Minnesota, Montana, Mon-tana, Iowa, North Dakota, South Dakota and Wisconsin, will be operated oper-ated by the Penney organization beginning be-ginning June 1. For more than a month prior to the completion of the deal, there had been numerous rumors in financial circles regarding the change in management man-agement and ownership of the Jones stores. It was reported at one time that a group of midwestern financiers had made overtures to the Junes company for control of the stores. This was before the Penney company had been mentioned in conne.-ion with the deal. When the consolidation was finally closed by E. C. Sams, president of the J. C. Penney company, he announced an-nounced that there would be no change in the management of the new group of stores, in each instances in-stances the Jones store ' manager being be-ing retained, but with the added advantage ad-vantage of operating under1 the J. C. Penney plan. It was also announced that under the Jones management the 51 store taken over by Penney had done an annual business of approximately $3,000,000, but with the advantages accruing through the consolidation it is expected that this business will show an immediate increase to ?5,-000,000 ?5,-000,000 annually. |
