A Sears company chairman and the largest shareholder for the company just won a bankruptcy auction for the company, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on the condition of remaining anonymous, because they were not authorized to discuss the negotiation publicly. Eddie Lampert, who steered the company into a Chapter 11 bankruptcy protection back in October, is aiming to keep open roughly 400 stores, in order to preserve 10s of thousands of jobs. Sears is unsure how long that the 56-year-old billionaire, who has attempted and failed to turn the company around numerous times before, will be able to keep their doors open. Competitors like Amazon, Target and Walmart also pose challenges towards the retailer, who has been unable to recover.