New JCPenny logo?

http://www.underconsideration.com/brandnew/archives/a_penney_for_your_th...

Is it just me or does look like a rip-off of the new/dead/media-stunt of the Gap logo re-design?

AND it was spec work!

Granted today is a particularly difficult day, but why do I feel as though we are polishing the brass on the Titanic?