Wal-Mart Phasing Out Layaway Program
Wal-Mart announced yesterday that due to declining use and increasing costs, they will be discontinuing their layaway program this Fall.
From Wal-Mart:
BENTONVILLE, Ark. (Sept. 14, 2006) – Wal-Mart Stores, Inc. said today that, because of declining use and increasing costs, the company will phase out its layaway program as it expands other financing options. Customers will have until November 19 to place items in layaway for this Christmas season and merchandise must be picked up by December 8.
“Demand for layaway service has declined steadily as consumers turn to other options, such as online shopping, gift cards and no-cost credit alternatives,” said Pat Curran, executive vice president, store operations, Wal-Mart Stores Division. “To assist our customers, we are offering one last opportunity to use layaway service this Christmas season.”
At the same time, Wal-Mart is working to offer customers new payment options. The company already has zero interest offers for 6 and 12 months for current Wal-Mart cardholders. For the first time, customers who apply for a new Discover or Wal-Mart Credit Card will receive $20 cash back when they apply at the register and purchase at least $100 on their card the same day. 
Friday, September 15, 2006 | Jeff Smentek
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