I haven't had much luck finding much info online on it. I found one picture on Worthpoint and there is a previous thread from Boxerrider back in 2015 with almost the same boxes. It doesn't appear that he answered his question of who made the box and he hasn't posted anything since 2017
Search "JC Penney Chest" for the thread, my post count is too low to post the link.
His top box was a 5 drawer and mine is a 4 drawer but the bottom boxes seem the same. According to his photos, there are hidden pegboard storage areas on each side that open when the key is turned. Mine appears to be the same and I can see the pegboard when I removed my drawers. It didn't come with the keys so I'm going to order the keys online, they are Hudson locks with MM code.
I did find the date code stamped on the top box inside of the top front rail next to the JCPenney badge. Mine was made in 1974 on the 21st of an unknown month
Unfortunately, the only JCPenney Catalogs I have found online were the 1974 Power Tools catalog (no toolboxes) and their Christmas catalogs which are very lacking in tools.
The other style JCPenney boxes seem to have been made by Kennedy. I'm going to go thru some old Kennedy catalogs to see if they have anything similar. I know the drawer slide springs on this one do not look like my Kennedy box slide springs and any Kennedy springs I have seen. These are riveted to the slide. The door on the bottom cabinet also has slides.
The picture of the open end pegboard storage area is borrowed from Boxerrider's thread.