With the departure of CEO Ron Johnson, it's safe to say the turnaround at JCPenney didn't work.
As Johnson, famed for his success at Apple, tried to reinvent the department store, the company lost more than half of its market share and sales collapsed 23% in the first nine months of the fiscal year.
Largely Penney's core customers balked at Johnson's strategy which included everyday low pricing rather than discounts and sales as well as in-store boutiques featuring designer merchandise.
On Friday, hedge fund manager William Ackman said Johnson, whom he handpicked to turn around the struggling retailer, has made "big mistakes" and the impact has been "very close to a disaster."
As unfortunate as events may be for JCPenney, they may in fact be extremely fortunate for rivals. "Johnson's buffoonery has opened the floodgates for other retailers," said Cramer.
And that begs the question, as JC Penney loses who wins? Jim Cramer has a few ideas.