Like Sears, J.C. Penney hasn’t been profitable since 2010. It posted $3.9 billion in losses since then and has been closing stores in an an attempt to stanch the bleeding. And like Sears, it has run up debt while its credit rating has sunk deep into junk territory.

The longtime department store rivals have made similar missteps and could share a similar fate. Like Sears, J.C. Penney hasn’t been profitable since 2010. It posted $3.9 billion in losses since then and has been closing stores in an an attempt to stanch the bleeding.

And like Sears, it has run up debt while its credit rating has sunk deep into junk territory. Analysts are forecasting another money losing quarter when the company reports earnings on Thursday. That’s not a surprise. Analysts expect losses to go on for years.

But this is the first quarterly report by new CEO Jill Soltau, who was hired in October to replace CEO Marvin Ellison. Ellison jumped ship in May to run Lowe’s. In September, CFO Jeffrey Davis left the company as well. The company’s executive turmoil, along with inventory and supply chain struggles, have raised concerns by outside observers.

J.C. Penney is in a quiet period ahead of Thursday’s quarterly report and not able to comment for this story. Despite its problems, some opportunities could keep J.C. Penney out of bankruptcy court for a while, at least.

Because its near-term debt payments are relatively modest — about $50 million is due next year, and $100 million in 2020 — it has some time. But not much. An estimated $2.1 billion in payments comes due in 2023, and that has credit rating agencies and analysts worried.

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