VF has lots of top shelf brands like North Face, Reef, Seven, etc sold to high income customers who don't care if gas is high and aren't facing foreclosures, as well as selling retail mainstays like Wrangler and Lee. People will keep buying jeans. When your old ones' knees wear through, you get another pair.
JCP sells lower end stuff and has to cut their prices to the bone to do it, but VF won't cut their prices to customers like JCP, Penny's get screwed, not VF.
Have you been to a Penny's in the last week? I have. Everything in their fucking store is selling for 1/2 price! The place reeks of desperation. Consumers sense that. Penny's is going to bite the big one while people scarf up North Face fleeces and Reef sandals.