Sears' largest creditors are in the driving seat, and they have two options. They can let Mr. Lampert try to maintain it as a "going concern" or force it to liquidate by selling all its real estate, inventory, intellectual property and other assets. Other retail news: In the first retail holiday update, J.C. Penney reported yesterday that adjusted comparable sales fell 3.5 percent during the crucial shopping period. The department store chain, based in Plano, Tex., also said it would close three stores and may announce more as its new chief executive, Jill Soltau, attempts a turnaround.