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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, but analysts believe the leaseholders also may begin asking for concessions and the properties could suffer.

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 Chapter 11 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 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, 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 as a way of gaining leverage with General Growth to renegotiate leases or receive other concessions.

General Growth wants to "make the whole process invisible to our shoppers," said the mall operator's president, Tom Nolan, in a call with reporters Thursday afternoon.

"We want to give tenants confidence we will continue to market these malls and they will be the resources they expected," Nolan said.

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

Nordstrom Inc. (JWN), Neiman Marcus Group Inc., Lord & Taylor and Dick's Sporting Goods Inc. (DKS) also have a number of stores in General Growth malls.

Analyst believe the bankruptcy could give the tenants, especially larger ones, leverage to receive some breaks from General Growth, or buyers of the mall.

"Retailers may end up with more attractive lease rates, especially if some of the malls get sold, because the real value of the properties is the retailers," said Brian Sozzi, equity research analyst at Wall Street Strategies. "They may be able to use this as leverage."

General Growth also could put off upkeep, such as new facades and the painting of parking lots, as available cash is deployed to "must-pay" expenses.

"All the various things that make a mall a destination and an attractive place to shop ... will not happen and if people aren't drawn in, it just makes it tougher," said Anthony Sabino, professor of Law and Business at St. John's University.

Retail tenants "are going to have to confront issues that will probably cause a decrease in their business (and) their revenue," Sabino 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 Group (SPG) 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 is not 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.

The New York Stock Exchange has now suspended trading of General Growth shares with the next step being a delisting. The shares have not traded in regular trading Thursday and in premarket trading fell 52% to 50 cents.

Shares of the retailers, except for Bon-Ton, are all trading higher.

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

(A.D. Pruitt contributed to this story.)