I have no appetite for the stock of dying retail brands, but some of JCP's debentures trade as KTP, currently yielding > 20%. Assuming they can avoid bankruptcy for the next several years, KTP could be an interesting investment.
Some other factors of the underlying business:
- price-to-book < 0.50 (less than half of that is inventory, and zero goodwill or intangibles)
- $2.1B in tax loss carryforwards (valuable to an acquirer?)
- next significant debt comes due in 2023