Sears chair’s auction triumph keeps lights on for now

HOFFMAN ESTATES, Ill. — Sears Chairman Eddie Lampert’s bid to keep the iconic retailer’s stores open carried the day at its bankruptcy auction, according to an Associated Press source. Lampert’s bid, which he beefed up last week with a steep deposit to quell doubts about its adequacy to cover costs, was the only one tendered for the company in its entirety. If the plan is approved by the judge presiding over the bankruptcy case, it could mean a reprieve for jobs at the some 400 remaining Sears stores. Analysts however warn that major changes will be needed if the banner is to compete with the likes of Amazon and Walmart. Lampert has spoken of his desire to take Sears back to its golden age, but has been criticized for his perceived conflicting roles as executive, stakeholder and creditor, which give him potential incentives for both the survival and the liquidation of the business.