I believe WSJ just had an OPed story that put doubts on the value of the real estate - that it is actually much less than stated - - - that's why Vernado was brought on board(for the real estate) - - - if he bailed then there probably was not sufficient value for him to stick around.
Commercial property is worth very little now. People are not opening new businesses, they are closing
them all over the country.
This won't be like Sears.
There are clothing stores everywhere. Most of them know how to do business in our world today. JC Penny
doesn't have a clue. They hire a gay as their CEO to promote that lifestyle.
It is a matter of time before they close the doors.