With Ullman in and Johnson out, the chance of recovery is now greater (...perhaps a better word is "nonzero"). But the ongoing disaster is confirmed.
Icing Johnson means JCP really is in serious trouble, and that not only did the BOD have no conscionable alternative, but also that no results rabbit will emerge from any hat at earnings time. MRQ TBA is not Q1 of turnaround results, it's another sequential Q of flaming, cash-draining disaster. We now know that JCP is one more quarter closer to BK and is still moving in that direction even as leadership turns over.