According to BalckMediaScoop.com, Wal-Mart is set to bring back their layaway program.
The nation’s largest retailer is trying to keep its core low-income shoppers and reverse a recent slump in U.S. sales in time for the holiday shopping season. Officials say customers requested that Wal Mart bring back the layaway program to help them manage their budgets.
The layaway plan, which debuts on October 17, has restrictions and fees that should help reduce costs and drama that caused Walmart to walk away from the program 5 years ago. It will have layaway for toys and electronics leading up to Christmas and will then evaluate whether to proceed with a broader year-round plan.
Customers must spend at least $50 to sign up for layaway, and each item has to be priced at $15 or more. Customers must pay a $5 fee, put 10 percent down and complete their payments and pick up their items by December 16, or they risk having to pay a $10 cancellation fee.
Wal-Mart is also cutting prices on dozens of toys to $15 starting September 12, including Leapfrog (LF.N) Scribble and Write, Disney (DIS.N) Princess Toddler Doll, Hasbro Inc (HAS.O) Transformers 3 Mechtech and certain Lego sets. Those toys typically sell for around $20. That “rollback,” as Walmart calls it, is also coming a little earlier than usual.