JC Penney Confirms 84M Share Common Stock Offering

J. C. Penney Company, Inc.

(the “Company”) announced today that it has commenced an underwritten public offering of 84.0 million shares of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 12.6 million shares of common stock. The Company's common stock is listed on the New York Stock Exchange under the symbol “JCP.” Goldman, Sachs & Co. is serving as the sole book-running manager for the offering.