Mistakes have certainly been made, but yes: this is typical Wall Street fare.
When Johnson first started the turnaround over a year ago, he made it clear this was a long-term undertaking, of at least 3 years, but probably 5 years. That should really hold true for any turnaround, but especially one of this size.
The company is only 1 year into the turnaround. It's headlines like this and investor myopia that gives way to great investment opportunities. Maintaining a long-term view can frequently lead to making money off of those who don't.
It's complicated in this case because he has a grand vision for change... but also has made some mistakes in his changes, like the pricing debacle. The fact that he is still CEO at all shows that someone has faith in him... 30% revenue declines are pretty terrible.
JCP like many other retailers are in big trouble. At least, they are trying something different: the other ones are slowly sliding into nothingness.