Sure, and probably for a while, but they're not exactly doing fantastic either and probably aren't really that far behind Sears.
After all the job cuts they had in and around 2012, including my own, and how poorly they were doing in that period, honestly I'm surprised they're still hanging in there to the extent that they are six years later. Though like Sears, it is probably only a matter of time and it eventually may catch up with them. They never exactly fully bounced back from that that terrible CEO was allowed to do to them for a year that helped put them in that hole in the first place.
As it is my own Sears was axed in April, supposedly chosen because of the rent in that shopping center, despite being a better one in our district. And a Penney's is a neighbor to our now former Sears. If the rent is no doubt just as pricey for them there, well I wish them well. Maybe the loss of our store will boost their customers a bit.