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C n' P

Go JCP

7/12/2007 3:07 PM PDT BY TMZ STAFF

Celebrities gathered at the Deco landmark Sunset Tower Hotel last night for Chip & Pepper's C7P JC Penney launch party. Young and free! The new C7P offers sportswear basics for a lot less dough.

Lovebird lookalikes Jim Carrey and Jenny McCarthy happily hung out with designers/identical twins Chip and Pepper Foster.

"The OC" cutie Rachel Bilson was hush-hush when it comes to Hayden Christiansen -- with whom she has been romantically linked.

A shaggy Jared Leto and an overly made-up Shanna Moakler also enjoyed the festivities.

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