Do they have as much Real Estate Value as say SHLD?:) That is not working out too well for them. It seems real estate is not what it used to be. Have you seen all the Borders stores that still sit empty? That says something about commercial retail space I would think.
JCP obviously has a greater amount of real estate value unless you or anyone on this board can PROVE differently. Vornado is a real estate deal. They didn't come in years ago, they bought in in 2011, I trust their judgement over anyone on this message board. Pershing Ackman has already made tremendous management changes. Lambert got into Sears almost two years ago and he's gone down with the ship. Major differences between betting on JCP that has increased in value than SHLD that has been reduced in value substantially.