They’re toast.
My grandfather was a JCP manager back in the 20’s and 30’s when there was a Penney’s in just about any middle-sized town of any consequence. He was moved around a lot, having a reputation in the company of bringing poorly performing stores back to life.
He started a new store here in the town where a lot of our family still lives, although he’s been dead for 49 years now. The company wanted to move him again about 1940 but he liked it here and the co. wouldn’t back down so he quit and became a carpenter. I doubt even he could straighten out the mess Penney’s has become.