J.C. Penney would be challenging for private equity firms.
FORTUNE -- J.C. Penney is an absolute mess.
Its transformative CEO Ron Johnson is history, after failing to convince American grandmothers that "everyday low prices" are superior to "30% off sales." It proved unable to attract younger demographics by altering its brand to an acronym, perhaps because none of its "stores within a store" sold buckets of fried chicken. Its new CEO Mike MORE