Does JCPenney (JCP) have an identity crisis?

"No one knows what they are including the people who run it," said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

Former CEO Marvin Ellison stepped down earlier this year to become CEO of Lowe's Companies (LOW) .

JCPenney shares slumped almost 23% on Thursday to $1.86 a share.

More from Video

Open Enrollment Means Costly Changes for Some Medicare Advantage Beneficiaries

Open Enrollment Means Costly Changes for Some Medicare Advantage Beneficiaries

Market Movers: Brexit Update

Market Movers: Brexit Update

Behind the Smile: A History of Walmart

Behind the Smile: A History of Walmart

Why Does the Fed Have Inflation Targets?

Why Does the Fed Have Inflation Targets?

Ask Jim: Time to Sell or Hold Simon Property Group?

Ask Jim: Time to Sell or Hold Simon Property Group?