Exhibit 99
                              JCPenney News Release

<table>
<c>                             <c>                             <c>                     <c>
CONTACT
Carolyn Covey Morris         Quinton Crenshaw               Bob Johnson                 Ed Merritt
Public Relations             Public Relations               Investor Relations          Investor Relations
(972) 431-4753               (972) 431-5581                 (972) 431-2217              (972) 431-8167
ccovey1@jcpenney.com         qcrensha@jcpenney.com          rvjohnso@jcpenney.com       emerritt@jcpenney.com
- --------------------         ---------------------          ---------------------       ---------------------
</table>

       JCPenney Names Ken Hicks President and Chief Merchandising Officer

     PLANO,  Texas,  January 4, 2005 -- Ken Hicks has been promoted to President
and Chief Merchandising Officer of JCPenney, reporting to Chairman and CEO Myron
(Mike) Ullman.

     In announcing the appointment,  Ullman said, "Ken is a proven merchandising
professional who has done an outstanding job leading JCPenney's stores, planning
and allocation,  and merchandise  operational support functions for the past two
years. He brings terrific JCPenney experience to this new assignment, along with
excellent merchandising know-how from previous work in other organizations. I am
confident Ken is the right person for this critical role."

     Hicks said, "I am excited about the  opportunity  to lead such a strong and
respected merchandise team. Our focus will continue to be on ways to enhance the
quality,  style,  and value  JCPenney is known for, and the  convenience  of our
store, catalog, and Internet shopping options."

     Hicks joined  JCPenney as President and Chief  Operating  Officer of Stores
and Merchandise  Operations in 2002,  after a career spanning more than 20 years
in merchandising and product development.  Before joining JCPenney, he served as
President  of  Payless  Shoe  Source,   Inc.,   where  he  was  responsible  for
merchandising,  marketing, product distribution, and product development. He has
also served as executive vice president and general  merchandise manager for the
Home Shopping Network, and senior vice president and general merchandise manager
for May Department Stores in its May Merchandising and Foley's divisions,  where
he was responsible for shoes, accessories, cosmetics, home, juniors and intimate
apparel. Hicks joined May Department Stores as senior vice president,  strategic
planning,  from the consulting  firm of McKinsey and Company.  He graduated from
the United States Military Academy and earned an M.B.A. with highest distinction
from the Harvard  Business  School.  Hicks will continue to be  responsible  for
JCPenney stores,  supply chain, and store  environment,  design and construction
until a chief operating officer successor is identified.


     J. C. Penney Corporation,  Inc., the wholly-owned  operating  subsidiary of
the  Company,  is  one of  America's  largest  department  store,  catalog,  and
e-commerce retailers,  employing approximately 150,000 associates. As of October
30, 2004, J. C. Penney  Corporation,  Inc.  operated 1,020  JCPenney  department
stores  throughout the United States and Puerto Rico,  and 61 Renner  department
stores in  Brazil.  JCPenney  Catalog,  including  e-commerce,  is the  nation's
largest catalog merchant of general merchandise,  and JCPenney.com is one of the
largest  apparel  and home  furnishings  sites  on the  Internet.  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.

     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's  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.  In addition,  non-GAAP terms referenced,  if any, such as
EBITDA and free cash flow,  are  defined and  presented  in the  Company's  2003
Annual Report on Form 10-K.

                                      # # #