Product Description
JCPenney was the quintessential American company. Since James Cash Penney opened his first store in the small mining town of Kemmerer, Wyoming, in 1902, this unique institution has been an iconic part of the national landscape. Founded and run on the core principles of thrift, hard work, and good citizenship, the retail giant prospered throughout the 20th century, even during the Great Depression, as American citizens came to rely on it for its good values and service.

But by the year 2000, its original beliefs arrogantly betrayed, JCPenney's Golden Age was, sadly, just a memory.

Celebration of Fools is an insider's look at JCPenney's remarkable rise and fall, charting the people and events that have been the history of this American institution. Packed with captivating stories and compelling characters -- including the company's highest ranking woman -- Celebration of Fools offers valuable lessons applicable in today's business climate.

With an engaging, narrative style, former Penney executive speechwriter Bill Hare tells a compelling cautionary tale with universal implications for all of corporate America.

Casting new light and astonishing revelations on this American icon and the people who nearly destroyed it, Celebration of Fools will keep readers captivated from first page till last. ... Read more

Customer Reviews (11)

A Must Read For Long Term Associates
I've worked at JCPenney for over 25 years before reading this book.It is currently making its rounds through my store.

It's a great book of JCPenney history for anyone who wanted to know or to remember where we were and where we're headed.It is current up until the time that Q & V took over, which is now another chapter to be written by another writer someday.

P.S.I bet Mike Ullman, current CEO, has read it.

Good book...
Good, interesting tale of Penney's during the 20th century. My dad was with Penney's in a number of positions including store manager; I bought the book as a gift for him, then got hooked and read it first. His impression was that the parts he knew about personally were well portrayed (he was with the company from ~1953-1963, and from ~1975-1980).
The story is from the point of view of a speechwriter in the company, and even the climax of the book is a speech. Much of the book is historical, so that viewpoint doesn't detract from that part. There are likely other perspectives that would be more interesting for the more contemporary phases of the story, though (_e.g._ a member of top management). On the other hand, a speechwriter would have access to the company and its top personnel in varied and candid settings, without having so much a stake in the action that relating the action is colored by the author wanting to appear in a favorable light. So the author did have a unique vantage point, and the story ended up being a pretty interesting portrayal of the company's spectacular successes, and some failures, too.

Author (who is NOT a kid) waits, rebuts after a year!
Everybody's a critic, which's fine when the criticism isn't malicious or sleazy.Sadly, "G. Lindsey"'s review of my book a year ago was both.Worse, Lindsey didn't reveal himself as an executive at JCPenney (which would have suggested questionable objectivity and the possibility of writing at the behest of uneasy bosses).Even worse was his accusing me of lying---particularly about James Cash Penney and his beloved first wife marrying when she was pregnant.Well, that's a fact, sourced and verified from the Penney archives right under Lindsey's very nose---as were many other facts in the book questioned by him.I did create dialogue (as carefully explained in the Introduction) when research yielded clear lines of character and situation.Ah, well, at least Lindsey said the book might be a good "beach read" (high praise from him!).-Bill Hare

Author (who is NOT a kid) waits, rebuts after a year!
Everybody's a critic, which's fine when the criticism isn't malicious or sleazy.Sadly, "G. Lindsey"'s review of my book a year ago was both.Worse, Lindsey didn't reveal himself as an executive at JCPenney (which would have suggested questionable objectivity and the possibility of writing at the behest of uneasy bosses).Even worse was his accusing me of lying---particularly about James Cash Penney and his beloved first wife marrying when she was pregnant.Well, that's a fact, sourced and verified from the Penney archives right under Lindsey's very nose---as were many other facts in the book questioned by him.I did create dialogue (as carefully explained in the Introduction) when research yielded clear lines of character and situation.Ah, well, at least Lindsey said the book might be a good "beach read" (high praise from him!).-Bill Hare

Not a bad book but title is too misleading
Of all the business books I have read none have worse timing than 'Celebration of Fools'. To begin with, JC Penney is currently looked upon as being one of the best managed retail companies in the world. If Mr. Hare would have done his due diligence, he could easily have added chapters chronicling the extraordinary turnaround JC Penney has undergone since the reigning CEO Allen Questrom took over in 2000. Furthermore, ignoring the impact that Vanessa Castagna, Executive Vice President, Chairman and Chief Executive Officer of JC Penney Stores, Catalog and Internet, has had on the recent success of JC Penney was a big mistake. If anything, concluding the book with a chapter dedicated to Ms. Castagna would have been appropriate for the simple fact that she will more than likely replace Allen Questrom as the leader of JC Penney, and rightfully so. The title of the book may leave some readers thinking that JC Penney is somehow on its death bed as a company when in fact it is in superb operational and financial condition. As someone who has spent the last four years working in retail, earning an MBA in Industrial Management and a Masters in Logistics and Supply Chain Management where a large portion of my research projects were related to the retail industry, I can personally attest to the great strides JC Penney has made.

Having said all of the above, I do find the book has some merit in its exploration of JC Penney. However, Mr. Hare is rightfully being taken to task for his use of "creating" dialogue that he cannot back up factually. Had Mr. Hare simply stuck with the facts he would have written a much more acceptable book. As I read through the chapters, I found myself comparing `Celebration of Fools' with `Kmart's 10 Deadly Sins'. Both books chronicle the inner workings of two very well known companies and the bad decisions that were made along the way. If anything, `Celebration of Fools' reinforces the need for companies to have well thought out plans in place to identify talent and leadership in external and internal personnel as a way to ensure that only the best qualified individuals are in top management. Yes, JC Penney had some executives who made very poor business decisions but the experience of JC Penney is not unique in business as a study of Coca-Cola will attest.

I also must scold Mr. Hare for suggesting that moving JC Penney from New York to Dallas, actually Frisco, TX, was a mistake. Moving from New York to Frisco created a financial position of such magnitude that JC Penney was able to pay cash for the land and building it currently occupies. Moreover, if the physical location of a company's headquarters is truly relational to the success or failure of the company, how does Mr. Hare explain Wal-Mart's success even though it is located in Bentonville, Arkansas?

So what then is my recommendation? The book is worth reading but in order to truly have an accurate understanding of JC Penney, I suggest reader's research articles written about JC Penney after 2000 to truly understand the magnitude of the recovery JC Penney has made.

One last thing, don't be surprised if Sears does everything they can to lure Allen Questrom away from JC Penney in the next year or two.

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