The bad news just keeps on coming for JC Penney (JCP).

On Feb. 15, Benzinga reported on Gilford Securities' downgrade of the Plano, Texas-based firm. Then, after finishing far below expectations on the earnings front, JC Penney's stock plunged 17% to close out February.

Now, a day after Benzinga reported Vornado sold nearly half of its stake in the lumbering department store chain, JC Penney woke up to two more downgrades.

Oppenheimer has downgraded the company from "outperform" to "perform."

The ratings agency states, "We continue to believe that behind a lot of noise the components of a potentially meaningful strategic shift are taking shape. Near-term risks for JCP are, however, building and could potentially disrupt or even derail the company's recovery."

Accordingly, Oppenheimer has reduced its price target from $30 to $15.

Citi has also decided to take a jab at JC Penney, downgrading the company to "neutral." On this note, Citi analyst Deborah Weinswig states, "We came away from our Headquarter visit with the company's CEO, CFO, and COO more concerned that JCP's return to topline growth will take longer than expected. We continue to be supporters of the company's long-term vision, including its shop strategy and new brand launches. However, we are less convinced that the course-correcting strategies being implemented around pricing and marketing will drive meaningful sales improvement."

With this in mind, Citi has reduced its price target from $22 to $15.

Hasta la vista, Ronnie?

The Wall Street Journal reports JC Penney is considering selling the company or terminating CEO Ron Johnson if the sales decline doesn't reverse in 2013.

According to the report, the company's board of directors will closely evaluate sales and merchandising results over the next six months. The board hopes the opening of Joe Fresh stores, a makeover to the company's home department and the re-introduction of regular discounts will help get results, as notes the Wall Street Journal.

However, if all else fails, the mentioned sale or termination of Johnson could become a reality.

Penney plunges again

With the one-two downgrade combo from Citi and Oppenheimer, JC Penney is stumbling in the market yet again.

After reaching a four-year low and ultimately closing down nearly 11% Tuesday, JC Penney was trading below $14.50 for the first time since March of 2009. The stock declined over 3% in the morning hours on Wednesday, but pared some losses by the afternoon.

• These Defunct Banks Are Casualties of Banking Deregulation
  
• The Fresh Market Plunges on Rotten Earnings
  
• Amercan Eagle Outfitters Tumbles After Earnings