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Burned by JC Penney | March 09, 2012 | 04:21 PM EST

A short position in JC Penney may have looked like a smooth move at the time, but as it turned out, Zach Karabell fumbled this playOn January 25th Karabell said, “I feel about JCPenney and other middle to lower end retailers that they just may be in a space where – not matter how brilliant they make the experience – they’re simply going to lose share.

Unfortunately, immediately after the call shares of JC Penney popped although in recent days the stock has pared some of those gains.So what does Karabell have to say about the stock now?“If you’re going to pick a turnaround candidate, it could be JCP, Karabell concedes.” The Street is awash in speculation that new CEO Ron Johnson , the man who created the Apple retail experience, could change the game.However, Karabell also says, “I’m still short. I think (a big turnaround) is far too much to ask for this ailing franchise.”

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