Evercore ISI analyst Omar Saad said he is liquidating the 1.3% J.C. Penney Long Position initiated in the firm's Model Portfolio in April with the stock down 30% during that time. While acknowledging he "may be pulling the plug at the bottom," he said the company is doing everything in its power to keep its turnaround on track but efforts just are not working. Asset sales are not a sustainable long-term solution and cost-cutting initiatives are beginning to take a toll on operations, as evidenced by the jump in shrinkage that may be linked to understaffing, said Saad.