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Layaway War Erupting Among Major Retailers

Retail

Shopping on Christmas Eve. (Credit: CBS)

kridel250 Kris Kridel
Kris Kridel is midday co-anchor and co-host of WBBM’s Noon Business...
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CHICAGO (CBS) — Something of a layaway war has erupted among big retailers.

As WBBM Newsradio’s Kris Kridel reports, Hoffman Estates-based Sears is the latest retailer to drop fees that shoppers pay to open layaway accounts.

Layaway is a program that allows customers to pay over time, interest-free. The customer receives the item once its cost is completely paid.

Some retailers, including Sears/K-Mart, brought back layaway during recession a few years ago.

Earlier this week, Toys ‘R’ Us waived its upfront fee for layaway orders through the end of October, and Wal-Mart is lowering the fee it charges from $15 to $5.

LISTEN: WBBM Newsradio’s Kris Kridel reports