Exhibit 99.2

    JCPenney Announces Filing in Brazil to Offer Shares of Lojas Renner S.A.


PLANO,  Texas,  May 9,  2005 - J.  C.  Penney  Company,  Inc.  (NYSE:JCP)  today
announced that,  through an indirect wholly owned subsidiary,  it has filed with
the Brazilian  Securities  Commission  preliminary offering materials that could
result  in the  sale of all or a  portion  of its  controlling  interest  in the
Brazilian department store Lojas Renner S.A., as part of a primary and secondary
offering of common  shares of Lojas Renner S.A. The offering  will be registered
in Brazil.

This press release shall not constitute an offer to sell or the  solicitation of
an offer to buy, nor shall there be any sale of, the common  shares  referred to
above in any  jurisdiction  in which such offer,  solicitation  or sale would be
unlawful prior to registration or qualification under the securities laws of any
such  jurisdiction.  The common shares will not be  registered  under the United
States  Securities Act of 1933 and, unless so registered,  may not be offered or
sold  in  the  United  States  except  pursuant  to an  exemption  from  or in a
transaction not subject to the  registration  requirements of the Securities Act
and any applicable state securities laws.


For further information, contact:

Investor Relations
------------------
Bob Johnson; (972) 431-2217; rvjohnso@jcpenney.com
Ed Merritt; (972) 431-8167; emerritt@jcpenney.com

Public Relations
-----------------
Quinton Crenshaw; (972) 431-5581; qcrensha@jcpenney.com
Tim Lyons; (972) 431-4834; tmlyons@jcpenney.com

About JCPenney

J. C. Penney Corporation,  Inc., the wholly owned operating  subsidiary of J. C.
Penney Company, Inc., is one of America's largest department store, catalog, and
e-commerce retailers,  employing  approximately 150,000 associates.  As of April
30, 2005, J. C. Penney  Corporation,  Inc.  operated 1,017  JCPenney  department
stores  throughout the United States and Puerto Rico,  and 62 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  afterschool
programs to help them reach their full potential.

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