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

We Are In a Rising Interest Rate Cycle, Says Legendary Technician

We Are In a Rising Interest Rate Cycle, Says Legendary Technician

Here Is Why Some Investors View Airbnb as an Asset Class

Here Is Why Some Investors View Airbnb as an Asset Class

Everything You Need to Know About Closed-End Funds to Boost Your Portfolio

Everything You Need to Know About Closed-End Funds to Boost Your Portfolio

Sears CEO Eddie Lampert's Latest Idea to Save Dying Retailer Hints End Nearing

Sears CEO Eddie Lampert's Latest Idea to Save Dying Retailer Hints End Nearing

60 Seconds: What Is a Closed-End Fund?

60 Seconds: What Is a Closed-End Fund?