Does JCPenney (JCP - Get Report) 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 - Get Report) .

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