On the “heels” of Ron Johnson’s presentation in front of Fashion Group International several days ago, much ink has been “spilled” (at least theoretically so) on both the financial free-fall of JC Penney (JCP) and whether Johnson’s vision has legs. While the media’s cited Penney’s 33% drop in share price and decreased sales (one expert predicts sales will drop $5B (that’s a B) from $17B to $12B by 2013) as the “price of a retail revolution,” JCP sits on the precipice of utter and complete failure.

Let’s take a look at how and why Ron Johnson will destroy this American institution: