OMG...............I use to buy lots of fabric in Penneys. I would go there with my boyfreinds mom the woman how taught me the love of fabric and sewing. I dated him from 1970-73 about a year later Penneys closed there fabric dept. So my guess it the fabric is from 1975 or before making it at least 27 years old. The .28 price was about the going rate for fabric if you spent .75 or more it was for formal wear like to make a dress for the prom. Years ago most dept stores sold fabric and also the 5 and dime stores, Grants, Woolworth and McCrory, there were no such things as a fabric store like Joanns or anything even called a LQS. No one made quilts back then that would tell about it if you made a quilt you were considered poor.
Please post pictures I would love to see the fabric and walk down memory lane.