Morgan Stanley recently ranked retailers based on their performance, and high-performing retailers showed protection from the "Amazon threat" along with strong sales growth, the bank says. But not every retailer is doing well—here are the four at the bottom of the list.

1. Abercrombie & Fitch

A&F just posted its first positive overall quarter—up 1% in Q4 '15—since 2012 after rebranding itself by toning down its risqué marketing campaigns and switching up styles. But that doesn’t change history—the retailer has a ton of poor sales numbers to make up for, as it posted a $63M loss the quarter before.

2. JCPenney

The new CEO Marvin Ellison has been working to turn around this struggling department store, but it's still trying to shake off the damage done by CEO Ron Johnson, Business Insider reports. The former CEO abandoned the retailer's trademark discounts, and then saw sales plummet 40% that quarter, as the new sales plan abandoned its target—the mid-tier customer.

3. Kohl's

Kohl’s is trying to improve itself with its new Greatness Agenda, but even with that the store reported lousy Q3 '15 numbers as profits plunged 44%.

4. Chico's

Stores that target professional women, like Chicos, have not been able to captivate younger audiences—the “Millennial curse,” as CEO Liz Dunn of Talmage Advisors calls it. And sure enough, the company's struggling—Chico's just announced plans to close 120 stores by 2017. [BI]