This video shows that Bill Ackman still supports the strategic direction of J.C. Penney (NYSE:JCP). It certainly was alarming to see Michael Francis let go after such a short tenure, but the core investment thesis remains the same. In my opinion the best opportunities surrounding the stock are in cost cuts where there is a ton of fat to be removed. Sales will take some time to rebound but for a patient investor this is an attractive turnaround opportunity. The real estate also protects the investor from taking to steep of a loss even if J.C. Penney doesn't execute as well as expected on the turnaround plan.
Disclosure: I am long JCP.