This holiday season, a bankrupt Sears Holdings Corp. will be fighting a likely futile battle to keep its Sears and Kmart chains from having to liquidate in 2019. But it's not the only retail giant with a lot to prove during the industry's most crucial months: J.C. Penney Co., a chain with mounting struggles and a new CEO at the helm, also faces a crucial test.
Investor doubts about the troubled department-store giant are already piling up. Its short interest is about where it was during the worst of the Ron Johnson era, when that former Apple Inc. executive became CEO and made unpopular changes that devastated sales. It was even higher earlier this summer:. . . more