Exhibit 99

                             JCPENNEY NEWS RELEASE
CONTACT
<table>
<c>                   <c>                     <c>                    <c>
Tim Lyons            Quinton Crenshaw        Eli Akresh              Bob Johnson
Public Relations     Public Relations        Investor Relations      Investor Relations
(972) 431-4834       (972) 431-5581          (972) 431-2207          (972) 431-2217
tmlyons@jcpenney.com  qcrensha@jcpenney.com  eakresh@jcpenney.com    rvjohnso@jcpenney.com
</table>


                JCPenney Sells Mexico Department Store Operation

     PLANO,  Texas,  October 29, 2003 - J. C. Penney  Corporation,  Inc. and its
subsidiary,  J. C. Penney Mexico,  Inc.,  announced today that they have entered
into an  agreement  to sell their  Mexico  department  store  operation to Grupo
Sanborns S.A. de C.V. of Mexico City. The stock sale  transaction is expected to
result in a pre-tax loss of  approximately  $40 million to J. C. Penney Company,
Inc. The loss is principally  related to currency  translation costs accumulated
since  operations  began in 1995 that have  previously  been  reflected  through
reductions in stockholders' equity. The transaction will result in positive cash
flow of approximately  $25 million,  including future  anticipated tax benefits.
The sale is subject to certain closing conditions and regulatory approval. It is
expected that upon completion of this sale, the Mexican business will be treated
as a discontinued operation.

Following is a list of the six Mexico stores:
<table>
<c>                     <c>                             <c>
City                    Shopping Center                 Size (Gross)
Monterrey               Plaza Fiesta San Agustin        165,955 sq. ft.
Leon                    Plaza Mayor                     160,805 sq. ft.
Mexico City             World Trade Center              179,689 sq. ft.
Chihuahua               Plaza Del Sol                   86,520 sq. ft.
Cancun                  Plaza Las Americas Cancun       81,709sq. ft.
Merida                  Plaza Las Americas Merida       77,864 sq. ft.
</table>
<page>

     J. C. Penney Corporation, Inc., the wholly-owned subsidiary of J. C. Penney
Company,  Inc., (the "Company") is one of America's  largest  department  store,
drugstore,  catalog, and e-commerce  retailers,  employing  approimately 230,000
associates.  As of July 26, 2003, it operated 1,040 JCPenney  department  stores
throughout the United States,  Puerto Rico, and Mexico, and 56 Renner department
stores in Brazil.  Eckerd Corporation  operated 2,710 drugstores  throughout the
Southeast,  Sunbelt,  and  Northeast  regions  of  the  U.S.  JCPenney  Catalog,
including  e-commerce,  is the  nation's  largest  catalog  merchant  of general
merchandise.  J. C.  Penney  Corporation,  Inc.  is a  contributor  to  JCPenney
Afterschool Fund, a charitable organization committed to providing children with
high quality after school programs to help them reach their full potential.

     Grupo Sanborns is a diversified  holding  company of retail formats with an
important  presence in the Mexico  market.  Its retail units  include  Sanborns,
Sanborns Cafe, Sears Mexico department stores,  music stores,  shopping centers,
and a bakery chain, El Globo.

     This release may contain  forward-looking  statements within the meaning of
the  Private  Securities  Litigation  Reform Act of 1995.  Such  forward-looking
statements,  which  reflect the  Company's  current  views of future  events and
financial  performance,  involve known and unknown risks and uncertainties  that
may cause the Company'a  actual results to be materially  different from planned
or expected results.  Those risks and uncertainties  include but are not limited
to,  competition,   consumer  demand,  seasonality,   economic  conditions,  and
government  activity.  Investors should take such risks into account when making
investment decisions.