I'm interested to see who doesn't show up to post today. At a volume of over 100 million, at least 80 million longs must have capitulated. But as they say, if you liked JCP at $6, you must really like it at $5.
BTW, just for the record, I have never sold a single JCP share.
At this point, we're at the mercy of the BoD and CEO. There need to be some tough decisions to cut back on expenses, including a couple hundred store closures and a 20% reduction in force. The indisputable fact is that people are spending less time in the stores, and more time on line. This is not going to change, so stores have to be closed and/or sublet.
Not sure about store closures but I did shop online Sunday nite I believe it was for the experience dd and spent approx. $100 on some sale items. Free 4-7 day shipping and got an email with approx. 12 hrs. the order had shipped. As good as any execution and better than many.
With enough gain in online they may be able to float the lesser performing stores long enough to restructure them.
I believe there is a need for JCP in many of their markets that serve the less affluent areas of this country which is where many of them are located. In my region of Wash.D.C. they have moved away from the max luxury centers to the suburbs,,middle and lower income areas. People still need to take their kids to the stores where they can afford to clothe them,,buy household goods etc.
One thing yesterday's numbers show is that JCP can't count on increased sales to close the gap between revenue and expense. I also believe they unnecessarily discounted too deeply, which I suspect cost 3% in the numbers.
JCP is not past the point of no return, but they have to take bold action immediately. The future will be determined by what JCP does now. If it eventually enters bankruptcy, the creditors and judge will make the tough decision for the BoD. JCP doesn't have to enter bankruptcy to implement the kinds of changes that such would bring about.
I am not sure many "real shares" actually trade here when you figure the insider, insty holdings, and actual retailers who hold long like you and I. Looks like short phantom and cover along with quant programs swapping spit back and forth. Too much dislocation from any fundies and an awfully suspect amount of cyber ink being focused on little ole' JCP for me not to think the fix is in here.
i can hardly keep up ignoring posters who seem to crawling out of the woodwork to work their get out now agendas,,a huge red flag imo.