Kmart, a wholly owned subsidiary of Sears Holdings (NASDAQ:SHLD), Friday announced it will be removing its layaway service fee both online and in-store starting Sept. 7 and through Nov. 17.
“At Kmart, we understand the excitement holidays bring, and the budget concerns that come with them,” Jai Holtz, vice president, financial services at Sears Holdings, said in a press release. “By providing ‘free’ layaway we want to help make holiday shopping less stressful.”
In addition to its free holiday layaway program, Kmart is the only mass retailer to offer layaways 365 days a year, nationwide. However, it’s not the only retailer to offer holiday layaway discounts.
Earlier this month, Wal-Mart (NYSE:WMT) announced it was bringing back its holiday layaway program sooner. It is also offering more perks this year. Toys ‘R’ Us, which is owned by Vornado Realty Trust (NYSE:VNO), said its holiday layaway program will no longer include upfront service fees from now through Oct. 31.
To learn more about Kmart’s new layaway policy, visit www.Kmart.com.