That's a simplistic analysis. Granted the board panicked, but not without reason. JCP's maneuvering room for this "reinvention" was very limited and they were alienating their existing customers before they could cultivate new ones, and were losing money at an unsustainable rate. Johnson's plan was a swan dive into a thimble.
Yep. And as I said, that "swan dive into a thimble" was their last, best hope. They're dead on their feet. See: Sears, Montgomery Wards