NEW YORK (TheStreet) -- J.C. Penney (JCP) is relaunching its home goods section Thursday in the latest effort to catalyze the retailer's nascent turnaround.
J.C. Penney was once the sector leader in home goods sales but saw a $2.9 billion decline in revenue from that sector from 2006-2013.
Revamping home goods continues the company's move away from the policies of former CEO Ron Johnson. J.C. Penney suffered a huge decline in home goods sales after discontinuing its catalog order business in 2011.
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The retailer faces an uphill battle getting back into the home goods space with stiff competition from fellow retailers like Target (T) and online retailers like Amazon (AMZN) currently dominating the space.
Shares of J.C. Penney were up 1.3% to $9.05 on Thursday.
TheStreet Ratings team rates PENNEY (J C) CO as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about its recommendation:
"We rate PENNEY (J C) CO (JCP) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins."