I'm not sure I understand the comparison between JCP and Brendle's. One a flash, one an icon. Penney's was selling jeans 15 years before Brendle's became an idea and 30 years after they're gone.
Yes, the retail market is under attack and is not a soft target. This has been happening for 20 years (K-Mart was an icon, Scotties's, anyone?).
Is JCP weak? Yes, as weak as many in retail, but I don't think that they will fall.
Retail is not dead, and I think that JCP is making the right moves to be one of the survivors.
Time will tell. I'm in higher, but I think it's a good buy at this price.