Shoppers at a J.C. Penney store in New York, NY on October 23, 2009 (Mark Lennihan-AP)
Could things get any worse for J.C. Penney (JCP)? Nearly every day of the past week has brought fresh news about something going wrong at the struggling retailer.

It's hard to keep track of all the misfires surrounding the company right now. Thursday, news emerged that Penney had laid off 2,200 employees in its stores and corporate offices. The layoffs actually cheered investors up a bit: Penney's stock price was up more than 2% in afternoon trading.

Here's a list of the setbacks Penney and CEO Ron Johnson have suffered recently:

Analysts losing faith. There aren't many analysts left who remain bullish about the stock, and two high-profile ones pulled their support Wednesday. Analysts from Citigroup (C) and Oppenheimer cut their ratings to "neutral" from "buy."

Citi analysts said they "are less convinced that the course-correcting strategies being implemented around pricing and marketing will drive meaningful sales improvement," according to Barron's. Oppenheimer's Brian Nagel was bleaker, saying "near-term risks for JCP are severe and we believe turning more treacherous."

Board losing faith. The board of directors is considering selling Penney or replacing CEO Ron Johnson. Former Penney CEO Allen Questrom is adding fuel to the fire, saying that CEO Johnson should be replaced. ""The board has to take action," Questrom told CNBC. "They can't be delusional like Ron Johnson is."

Investors losing faith. The stock price plunged 17% in the last three days before seeing a pickup Thursday.

Legal troubles. A nasty trial involving Macy's (M) and Martha Stewart Living Omnimedia (MSO) is dragging all three companies' reputations through the mud. "Does anyone win in the Martha Stewart trial?" asks Will Ashworth of InvestorPlace. The answer is no.

Low employee morale. The workforce hasn't exactly been cheering at Penney, and this week's layoffs aren't helping much, either. Morale was so bad at the company last year that employees at the home office were watching an estimated 52 YouTube videos a day. About 300 workers at corporate headquarters lost their jobs last month, The New York Post reported.

Insiders selling shares. Board member Steven Roth isn't talking publicly about the company's troubles, but you can guess his feelings by looking at his stock sales. Roth sold 10 million shares of Penney stock on Tuesday, according to The Dallas Morning News. Given that J.C. Penney shares have already plummeted some 60% in the past year, that's as close to a vote of no confidence as you can get.

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