There's a saying, "If the Law is against you, argue the facts; if the facts are against you, argue the Law". Penney can't out merchandise Wally World or Amazon, so out personalize them.
I only own a few thousand shares, bought recently, and I'm not worried about my investment. I'm just annoyed at what I consider to be unprofessional and uneventful approach to advertising. There are many ads that I think are ridiculous, but they are aimed at target (no pun intended) audience and are extremely successful. I don't think Penney's ads cut it.
As for the Shorts; eat $hit and die; all of them.