Cramer Quick Take: Avoid JC Penney

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NEW YORK (TheStreet) -- Is it time to jump back into shares of JC Penney (JCP) after what has reported been a pretty good back-to-school season? Jim Cramer told Debra Borchardt at TheStreet.com Monday that he's taking a pass.

Cramer said he's not putting a lot of weight behind the back-to-school numbers this year because everyone seems to have had a good season thus far.

More importantly, Cramer said that after years of declining same-store sales, he simply cannot back JC Penney after just one good report or one positive quarter. Too many companies have failed to recover from such a terrible tailspin as Penney has had.

Cramer said that when it comes to JC Penney, he's sticking to discipline. Protecting your downside sometimes limits your upside, he reminded viewers, which is why if Penney shares head higher, they're going to do so without him.

Watch the full Cramer interview here.

--Written by Scott Rutt in Washington, D.C.

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