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JC Penney 'could fail very quickly'

(CNBC) — JC Penney under CEO Ron Johnson “could fail very, very quickly” if it doesn’t take action to replace its leadership, retail veteran Mark Cohen said Friday.

On CNBC’s “Fast Money,” Cohen called JC Penney under Johnson’s stewardship “an unmitigated catastrophe” and made the case for his ouster.

Cohen, a marketing professor at Columbia University, joins a growing chorus of industry experts weighing in on Johnson’s stewardship of the retail giant, whose performance over the past year has been dismal.