In the following video, Fool analysts Jeremy Bowman and Isaac Pino examine the bear thesis behind J.C. Penney. CEO Ron Johnson's highly vaunted rebranding strategy has thus far mainly driven customers away. The retailer has gone cash flow-negative, and it may be undone by a crushing debt burden. What's more, the company is heavily in mall real estate that appears to be turning into an albatross in the age of online shopping.