The good news from JCPenney (JCP) was that it finished the year with $3.4 billion in cash.

The bad news is that the company is slowly disappearing. It expects same-store sales in the current quarter to be down as much as 15% from last year’s quarter.

In the fourth quarter of 2008, revenue fell 10% to $5.8 billion. Operating income fell 47% to $389 million.

In the current quarter, JPC said revenue could be off as much as 13%.

Watch for similar results from Sears (SHLD) and more job cuts at JCP, perhaps before the end of March.

Douglas A. McIntyre