Maybe not after this holiday season, but I think that the dual ownership structure of the remnants of JCP is problematic.
I read a good analysis on seeking alpha, people misunderstand in general that Simon/Brookfield do not own the stores, they just bought the operations. The stores are owned by two REITs that were formed by the creditors of the former JCPenney which was essentially liquidated.
What this means in practice, I think, is that if you work for JC Penney your salary is being paid by Simon/Brookfield, but the store you work in is not owned by them. Simon/Brookfield being mall REITs have an interest in keeping the stores going to stop from losing a major anchor tenant. But ultimately that decision is in the hands of the two REITs, and if they see a better opportunity to sell that real estate and to a developer who pays them enough of a premium, they will likely do so.
This will take a long time to play out as each store is essentially independent. My guess is the JCPenney brand and stores slowly disappear, but it will take years.