Wal-Mart to Phase Out Layaway Program

SEPTEMBER 14, 2006 - Posted at 1:36 p.m. CDT

BENTONVILLE, AR - 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 for store operations.  "To assist our customers, we are offering one last opportunity to use layaway service this Christmas season."

At the same time, the Arkansas-based world's largest retailer says it is working to offer customers new payment options.  The company already has zero interest offers for six to twelve months for current Wal-Mart cardholders.