NEW YORK (AP) - Wal-Mart is bringing back something it avoided
during the Great Recession: layaway.
The world's largest retailer, which ditched the pay-as-you-go
plan in 2006, is rolling out a holiday layaway option. Wal-Mart
follows rivals like Sears, which brought back layaway during the
thick of the recession. Wal-Mart's layaway will run from Oct. 17
and run through Dec. 16, but the company said it may extend the
option throughout the year if the program is successful.
The move comes as Wal-Mart's mostly low-income shoppers are
being squeezed by high unemployment and rising costs. It also comes as the Bentonville, Ark.-based discounter tries to reverse nine
straight quarters of sales declines at its U.S. namesake business
by the end of the year.
(Copyright 2011 by The Associated Press. All Rights Reserved.)