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New York CNN Business —  

Sears has a lifeline. The big question is how long will it last.

Sears chairman Eddie Lampert reached an 11th-hour agreement Tuesday to make changes to his hedge fund’s bid to buy the company’s operating assets and keep 425 Sears and Kmart stores open.

But the problems facing the company are significant, and hurdles could derail Lampert’s efforts to buy the company over the next four weeks.

Lampert submitted a new bid late Wednesday, upping his offer to $5 billion. He also made the $120 millio