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This Oct. 15, 2018 file photo shows a sign for a Sears Outlet department store is displayed in Norristown, Pa. Multiple media outlets reported early Wednesday, Jan. 16, 2019, that billionaire Eddie Lampert has won a bankruptcy auction after strengthening his bid in several days of negotiations with creditors. Lampert, Sears’ chairman and largest shareholder, upped his offer to more than $5 billion and added a $120 million cash deposit through an affiliate of his ESL hedge fund. (AP Photo/Matt Rourke, File)

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Sears will live on— at least for now. The company's chairman and largest shareholder and chairman, Eddie Lampert, won a bankruptcy auction for Sears in New York, averting liquidation of the iconic chain.

By ANNE D'INNOCENZIO, AP Retail Writer January 16, 2019