You're right. Sears pulled that con game for years, mostly with KMart real estate, by closing underperforming stores and adding the sale price to their bottom line. Looked good on paper, but they are running out of stores to sell. JCP is a few years behind, but headed in the same direction.
A big difference is location. location location, JC Penney has stores in major malls who discount centers could do very well. Its a total different game and plan. The plan for you should be how you will pry these shares out of the 102% institutionally owned holder. You will be bidding up the PPS with ACHMAN LMAO!