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