New York (CNN Business) Sears has won some more time to save itself. But not a lot more time.

At a bankruptcy court hearing Thursday, Judge Robert Drain approved Sears' plan to auction off about 500 stores. The auction is central to the company's mission to remain in business. Sears intends to use funds from the sale for its operations, and it will pay rent to the stores' buyers so they can stay open.

A committee of Sears' creditors had objected to the plan and argued that the company should immediately start the process of going out of business to limit its ongoing losses.

Judge Drain said he will hold another hearing a week before Christmas to consider whether to go ahead with Sears' effort to stay in business or start the process to close all its remaining stores. Drain said it wasn't realistic to start a liquidation process immediately.

"You can't do a GOB [going out of business] plan for a company this big by snapping your fingers," he said. "Let's come back to court [in December] and see what the lay of the land is."

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