General Growth Properties (GGP) owns more than 200 malls in 44 states including the Columbia Mall, and Capital Mall in Jefferson City.

GGP is warning that it's close to declaring bankruptcy. Company officials say the struggling retail market, credit crisis, and the overall economic downturn have formed a perfect storm that is threatening the company.

The Chicago-based GGP released a statement about its financial situation saying, "Regardless of our situation, our properties and company will continue to operate, remain vibrant, and look forward to a prosperous holiday season."

GGP said in a report on Monday that it has $900 million of property secured debt and $58 million of corporate debt coming up for renewal on December 1st. So they'll likely have to refinance at a higher rate, meaning it will get worse before it gets better.

The company has another $3 billion in debt that matures in 2009.

GGP stock fell 66 percent to $0.46 per share on Tuesday.

The lack of retail spending has put the hurt on many malls around the country and has forced many chain stores to leave local malls due to falling sales. Still, experts in a CNN.com story say that it's very rare for malls to completely shut down so, mid-Missourians should be able to shop at local malls for the holiday months.