Retailer J.C. Penney said it would close 130 to 140 stores.
"It's news that they closed those stores, because we had felt that they were doing better," Cramer said.
In retail, Cramer likes TJX Companies (TJX) . TJX is a holding of Cramer's charitable trust Action Alerts PLUS.
Meanwhile, Foot Locker reported better than expected earnings Friday. "Foot Locker is the only mall based store that is really doing it right," Cramer said.