General Growth Properties Inc.'s (GGP) big retail tenants say they are so far standing by the mall operator as it enters what could be a lengthy and historic bankruptcy restructuring.

J.C. Penney Corp. (JCP), Macy's Inc. (M) and Bon-Ton Department Stores Inc. (BONT), which each have 10% or more of their stores in General Growth malls, say the filing hardly caught them unaware - given General Growth's very public problems with its debt load - and they will sit pat, while closely watching as Chapter 11 bankruptcy proceedings unfold.

General Growth "has been a good mall operator for us," said J.C. Penney spokeswoman Darcie Brossart. "As long as the malls continue to be operated properly, we do not foresee any issues."

J.C. Penney has 111 of its 1,101 stores in General Growth malls, according to a regulatory filing by General Growth.

Bon-Ton "has been corresponding with (General Growth), and based on their responses we do not anticipate impacts" from the bankruptcy filing, said the department store chain's spokeswoman Mary Kerr.

Bon-Ton has a "very astute" person in charge of real estate to monitor the bankruptcy's progress and the condition of General Growth's malls, Kerr said.

To Macy's, the Chapter 11 filing "doesn't really affect us," said spokesman Jim Sluzewski. "We're still making payments at the malls on leases, which are typically long-term."

Macy's has 106 of its 840 stores in General Growth's malls.

The retailers' spokespeople declined to discuss whether their companies could or planned to use the bankruptcy filing as a way of gaining leverage with General Growth to renegotiate leases or receive other concessions.

General Growth's other big tenants include Sears Holdings Corp. (SHLD), Target Corp. (TGT) and Dillard's Inc. (DDS), a regulatory filing said.

The collapse of General Growth Properties, which operates more than 200 properties, is being called by analysts the largest ever failing by a mall operator.

General Growth is the second largest mall operator in the U.S. behind Simon Property, and General Growth's failure was caused by carrying too much debt, with its cash flow strained as retailers engaged in less expansion and consumers cut back spending.

The bankruptcy filing isn't seen as leading to a big closing of General Growth's malls. The company itself may well reorganize and better-capitalized mall operators may pick up some of the locations, analysts said.

General Growth's malls are viewed as being of generally high quality, and posted an occupancy rate of 92.5% as of last year's fourth quarter.

Shares of General Growth have been halted from trading after falling 52% to 50 cents in the premarket.

J.C. Penney was recently up 3.06% to $25.94, Macy's was ahead 5.5% to $12.20 and Bon-Ton was off 2.29% to $1.71.

-By Karen Talley, Dow Jones Newswires; 201-938-5106; karen.talley@dowjones.com