Ex-CEO's return would give JCP more time: Pro

The possible return of former CEO Allen Questrom to J.C. Penney could give the foundering retailer more time to repair its business, Josh Brown of Fusion Analytics said Thursday.

Questron on CNBC's "Fast Money" said that he would "consider" returning to the company under the right conditions.

"I did not want to come back in a hostile board, and I certainly had to be with a CEO I was comfortable with and he or she was comfortable with me. And so, that's a lot of conditions," he told CNBC. "I had some history with the Penney company. I have a lot of fondness for the people. And so if they thought and I thought I could be helpful, I would consider it, and that's really what it was."

(Read more: JC Penney looking for new CEO to replace Ullman: Sources)

Brown said Questrom's return would be positive.

"Look, it's the worst retailer. I hate the stock. I hate the company. They've done everything wrong," he said. "But when Questrom comes back, credibility is restored. I think he's got the connections and the knowhow to bring in someone that the Street can get comfortable with and the vendors can get comfortable with."

Brown added that the possibility that Questrom might return was no panacea.

(Read more: 'Just a couple of quarters' left for JCP?)

"I'm not telling you JCPenney the corporation is out of the woods. I'm telling you the dynamics changed. Eighteen percent of the float here is short," he said. "And now I think there's the possibility that JCP buys itself more time to get the ship in order. That's all I would say there."

Rosecliff Capital's Mike Murphy said that JCPenney's search for a new CEO was good for the stock.

"If we get any sort of positive news, you're going to get a bounce," he said, adding that the news that the board of directors was seeking new leadership was "as good news as JCPenney could put out there."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long URBN; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Michael Murphy is long AAPL; Josh Brown is long AAPL; Josh Brown is long FSLR; As of 8/7 Jon Najarian is long AAPL; Jon Najarian is long CIE; Jon Najarian is long POT; Jon Najarian is long PBR; Jon Najarian is long MAR; Jon Najarian is long HUN; Jon Najarian is long HLF; Jon Najarian is long FCS; Jon Najarian is long puts JCP.