A leaner Sears emerges from bankruptcy, but can it survive?

In some ways, the "new" Sears has a lot in common with the company that filed for bankruptcy protection in October.

Its largest shareholder is now its owner. The U.S. Bankruptcy Court for the Southern District of New York approved a $5.2 billion bid by Sears Chairman Edward Lampert to buy the company through his hedge fund, ESL Investments, last week.

Plans outlined by ESL, including smaller stores and a focus on the retailer's strengths like appliances, sound like initiatives Sears has pitched before, as losses mounted in the years leading up to the company's bankruptcy.

But early