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Shares of J.Jill (JILL) are being hammered Thursday, plunging 50% to new 52-week and all-time lows. This is really "gaffing people," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

"They missed on everything," he continued, saying that this mall-based retailer experienced a "dramatic deceleration in sales" this quarter. The company whiffed on its Labor Day sale, which obviously didn't help its results, particularly in a period where e-commerce has caused so much disruption within the retail landscape.

Investors had positive things to say about J.Jill leading up to the company's IPO earlier this year in March. Not anymore, Cramer said. All of those positives seem to have gone out the window. J.Jill stock now trades below $5, after garnering an IPO price of $13.

It's market cap is even below the threshold where Cramer can talk about it on his "Mad Money" TV show.

This was "one very well-timed IPO," he reasoned, in terms of private equity and early investors getting out just in time, by offloading their shares on the public market. "This is a disaster," Cramer continued, "like Blue Apron (APRN) ."

"This just shows you, the mall continues to be no place to be," concluded Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.