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Press release from PR Newswire

J. C. Penney Company, Inc. Completes $900 Million Share Repurchase Program

Tuesday, May 10, 2011

J. C. Penney Company, Inc. Completes $900 Million Share Repurchase Program17:00 EDT Tuesday, May 10, 2011PLANO, Texas, May 10, 2011 /PRNewswire/ -- J. C. Penney Company, Inc. (NYSE:JCP) today announced the completion of the $900 million open market share repurchase program that was initiated in March of this year.  This repurchase program, which was funded by the Company's existing cash reserves, resulted in the retirement of approximately 24,352,000 shares, leaving the Company with approximately 213 million shares outstanding.  Further details will be provided when the Company announces its financial results for the first quarter of fiscal 2011 on Monday, May 16th. (Logo: http://photos.prnewswire.com/prnh/20110222/DA51975LOGO)For further information, contact:Investor RelationsKristin Hays and Angelika Torres; (972) 431-5500 jcpinvestorrelations@jcpenney.comMedia RelationsDarcie Brossart (972) 431-3400 jcpcorpcomm@jcpenney.com Corporate Websitewww.jcpenney.netAbout J. C. Penney Company, Inc.J. C. Penney Company, Inc., one of America's leading retailers, operates over 1,100 jcpenney department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com. Serving more than half of America's families each year, the jcpenney brand offers a wide array of private, exclusive and national brands which reflect the Company's vision to be America's shopping destination for discovering great styles at compelling prices. Traded as "JCP" on the New York Stock Exchange, the $17.8 billion retailer is transforming its organization to support its Long Range Plan strategies to build a sustainable, profitable enterprise that serves its customers, engages its associates and rewards its shareholders.  For more information visit, www.jcpenney.net. SOURCE J. C. Penney Company, Inc.