No fee layaway new perk from more retailers

by The City Wire staff ( 1 views 

Sears Holdings Corp. is the latest retailer to roll-back or eliminate fees associated with layaway ahead of the holiday shopping season.

The retailer operates both Sears and Kmart stores says it's waiving the fees that shoppers pay to open its interest-free pay-over-time program. This applies to both online and in–store purchases through Nov. 17.

Sears had charged $5 for an 8-week program and a $10 fee for the 12-week layaway program.

Despite good back-to-school sales across the broad retail sector, analysts say the fickle consumer is more bargain conscious than ever.

Earlier this week Wal-Mart Stores Inc. said it was lowering its layaway program fee to $5 from $15 and Toys R Us announced Monday it was waiving service fees charges on the front end of layaway orders for shoppers between Sept.4 and Oct. 31. The toy store will still charge a $5 service fee after Oct.  31.