Cramer: Three Reasons to Buy J.C. Penney

Editor's Note: This article was originally published at 7:02 p.m. EDT on Real Money on Aug. 26. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.

NEW YORK ( Real Money) -Yes, I would buy some J.C. Penney ( JCP) on the deal. Here's why: first, they have the money to get through Christmas season.We know that.

Second who is to say that Mike Ullman can't restore some of the luster that was lost, I mean people did shop at J.C. Penney.

Third, if you haven't sold it by now, you probably don't care anymore. Finally, hedge fund manager William Ackman was a huge distraction and now the distraction is gone.

Retail's been very funky of late, particularly apparel, which is real bad news for Penney. But that's not something we didn't know. In the meantime, Ullman is fixing housewares, which is a segment that could be terrific.

It's worth buying half of what you want on the print and then the other half if it breaks price because of some exogenous event that seems to be a mainstay since we hit the peak of this market not all that long ago.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

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