reply to u/LillieLogang at https://reddit.com/r/typewriters/comments/1tacody/light_touch_jcpenney/
Before you go too deeply here, is the ribbon made of cloth material (nylon, silk, or cotton) or is it a plastic film/carbon type? And if the latter, is it a proprietary cartridge or typewriter spools? Cartridges with carbon can be difficult if not impossible to find.
There's only one Penny's toy typewriter in the database currently which may give you some idea: https://typewriterdatabase.com/1970-jc-penney-j6772-toy-typewriter.11484.typewriter I don't see these pop up often, but there is a related one listed on SGW right now: https://shopgoodwill.com/item/263548866 which may have some unused "ribbon" you might cannibalize if necessary.
It looks like it may have been a rebranded version of some of the PETITE toy typewriters. https://typewriterdatabase.com/no_info.525.typewriter-serial-number-database
Many of these toys are difficult to adjust or fix (if at all), but they tend to be very simple in terms of the mechanics, so you might be able to puzzle out what isn't working and why by looking at it with the hood removed.