You are right. This is very sad, because a lot of american jobs will be lost for the very people who can't afford to lose their jobs. Meanwhile the Ullmans get a gold parachute, write a book, and become a politician, hurting more people.
The entire world is run by a few people, most of whom are idiots. This guy running JCP is one of 'em.
Over 100 years JCP has existed, until Wall Street and Ullman came along. Expect to see more of the same.
Too much debt world wide.