Macy's and BONT are experiencing a bounce from JCP's disaffected customers who have come over to their stores. But in the long run, say JCP goes bankrupt. I don't think it will go completely out of business, just reorg. If so, in the long run, JCP could end up doing better since BK would allow JCP to dumps hundreds of leases of poorly performing stores. Macy's is doing well, but they won't be going bankrupt soon--so they will be stuck with their bad locations until the leases expire. Believe it or not, I own the same number of shares--a VERY small amount--in all three of those retailers and am holding on to them all.