Dark clouds over J.C. Penney

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

J.C. Penney (JCP -3.5%) needs a good holiday season just to survive, according to The Deal.

The retailer is sitting on a treasury trove of real estate, but those assets are largely tied to backing its big loan from Goldman Sachs.

Sources inside the retail industry think a bankruptcy filing by JCP in Q1 when holiday cash is in hand might be the department store operator's most strategic move.