J C Penney Corp. Inc. – ‘3’ for 11/23/98 re: Genovese Drug Stores Inc.

As of:  Thursday, 12/3/98   ·   For:  11/23/98   ·   Accession #:  77182-98-31   ·   File #:  1-07623

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           4     14K 
                Securities by an Insider                                         

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- --------                                                                                                                       
 FORM 3                  UNITED STATES SECURITIES AND EXCHANGE COMMISSION                                                        
- --------                              Washington, D.C. 20549                                                                   

                       INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES                                                   

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public                              
Utility                                                                                                                          
             Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940                                  
- ----------------------------------------------------------------                                                               
1. Name and Address of Reporting Person                                                                                          

   J. C. Penney Company, Inc.                                                                                                    
- ----------------------------------------------------------------                                                               
    (Last)                (First)              (Middle)                                                                          

   6501 Legacy Drive                                                                                                             
- ----------------------------------------------------------------                                                               
                          (Street)                                                                                               
   Plano, TX  75024-3698                                                                                                         
- ----------------------------------------------------------------                                                               
    (City)                (State)              (Zip)                                                                             

  *If the Form is filed by more than one                                                                                         
   Reporting Person, see Instruction 5(b)(v).                                                                                    
- ----------------------------------------------------------------                                                               
2. Date of Event Requiring Statement (Month/Day/Year)                                                                            
   November 23, 1998                                                                                                             
- ----------------------------------------------------------------                                                               
3. IRS or Social Security Number of Reporting Person (Voluntary)                                                                 

- ----------------------------------------------------------------                                                               
4. Issuer Name and Ticker or Trading Symbol                                                                                      
   Genovese Drug Stores, Inc.                                                                                                    
   GDXA                                                                                                                          
- ----------------------------------------------------------------                                                               
5. Relationship of Reporting Person to Issuer (Check all applicable)                                                             
   ( ) Director  (X) 10% Owner  ( ) Officer (give title below) ( ) Other                                                         
   (specify below)                                                                                                               

- ----------------------------------------------------------------                                                               
6. If Amendment, Date of Original (Month/Day/Year)                                                                               

 - ----------------------------------------------------------------                                                              
7. Individual or Joint/Group Filing (Check Applicable Line)                                                                      
   __X_ Form filed by One Reporting Person                                                                                       
   ____ Form filed by More than One Reporting Person                                                                             

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________________________________________________________________________________________________________________________________ 
 Table I -- Non-Derivative Securities Beneficially Owned                                                                        |
________________________________________________________________________________________________________________________________|
1. Title of Security                       |2. Amount of          |3. Ownership    |4. Nature of Indirect                       |
   (Instr. 4)                              |   Securities         |   Form:        |   Beneficial Ownership                     |
                                           |   Beneficially       |   Direct(D) or |   (Instr. 5)                               |
                                           |   Owned              |   Indirect(I)  |                                            |
                                               (Instr. 4)             (Instr. 5)                                                |
________________________________________________________________________________________________________________________________|
                                                                                                                                 
No Shares Owned  (1)                       |                      |                |                                         |   
--------------------------------------------------------------------------------------------------------------------------------|
________________________________________________________________________________________________________________________________|

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________________________________________________________________________________________________________________________________ 
FORM 3 (CONTINUED)       TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS,             |
                                    CONVERTIBLE SECURITIES)                                                                     |
--------------------------------------------------------------------------------------------------------------------------------|
                                                                                                                                |
1. Title of Derivative    2. Date Exer-       3. Title and Amount of       4. Conversion     5. Owner-    6. Nature of Indirect |
   Security (Instr. 4)       cisable and         Securities Underlying        or Exercise       ship         Beneficial         |
                             Expiration          Derivative Security          Price of          Form of      Ownership          |
                             Date                (Instr. 4)                   Derivative        Derivative   (Instr. 5)         |
                             (Month/Day/                                      Security          Security:                       |
                             Year)                                                              Direct                          |
                             ------------------------------------------------------------       (D) or                          |
                             Date      Expira-                  Amount                          Indirect                        |
                             Exer-     tion                     or                              (I)                             |
                             cisable   Date         Title       Number                          (Instr. 5)                      |
                                                                of                                                              |
                                                                Shares                                                          |
________________________________________________________________________________________________________________________________|
<CAPTION                                                                                                                            
Explanation of Responses:                                                                                                        
(1)  The reporting person may be deemed the beneficial owner of greater than 10% of the shares of Common Stock, par value $1.00  
per share, of Genovese Drug Stores, Inc. by virtue of the reporting person's shared voting power of such shares.  However, no    
such shares have been reported on this Form 3 because the reporting person has no pecuniary interest in any of such shares.      

                                                                      J. C. Penney Company, Inc.                                 
                                                                      By: /s/ Donald A. McKay                   December 3, 1998 
                                                                          -----------------------------         ---------------- 
**Intentional misstatements or omissions of facts constitute                  Executive Vice President                Date       
  Federal Criminal Violations.                                                **Signature of Reporting Person                    
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                                                                                      

Note:  File three copies of this Form, one of which must be                                                                      
       manually signed.  If space is insufficient,                                                                               
       See Instruction 6 for procedure.                                                                                          

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘3’ Filing		Date		First		Last			Other Filings
Filed on:		12/3/98		4					3,  SC 13D
For Period end:		11/23/98		2					3,  8-K
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