Sears brings back layaway plan for holiday shoppers

Sears has dusted off its layaway program—in storage since 1989—and is reintroducing the plan at all of its mainline and hardware stores throughout the U.S. from November 16 through December 23, 2008. The retailer has also announced that as of November 16, it will sell some merchandise at deeply discounted prices rather than wait until the day after Thanksgiving­—a.k.a. Black Friday.

Sears, which has struggled this year, will hold merchandise like tools, lawn and garden equipment, toys, and clothes for consumers at its more than 1,000 U.S. stores. Electronics, appliances, and doorbusters do not qualify for layaway, says the Hoffman Estates, Illinois-based company. Visit the Sears Web site for more details on covered products.

The down payment for layaway items is $15 or 20 percent of the full price, whichever is greater, and you must pay for the merchandise in full by this December 23. You'll pay a $5 nonrefundable service fee (residents of Maryland will pay a $1 fee), and if you cancel, you'll get your down payment back less $10.—Kimberly Janeway

Essential reading: Learn more about layaway plans by reading "Back to the Future With Layaway Plans."