Kmart, the discount unit of Sears Holdings Corp. (SHLD), asserted that now the customers not have to pay fees for layaway purchases. The plan will help the provide relief to the consumers from the budgets.
Jai Holtz, Vice President of financial services at Sears, asserted that the free layaway plan will commence from today and will carry on till November 17. The plan applies to online stores as well as the other stores. Further, Holtz stated that the company is thinking of expand the plan later the holidays
Kmart provides layaway purchases throughout the year. However, adopting such a plan is simply a market tactic to increase the sales and also give a tight competition to rival online retailers, including Amazon. com Inc.
During the second quarter, the company had to a face a decline in the sales at Kmart by 4.7%, thus facing a crucial times, with lowered prices of electronic goods and also deficit sale of lawn and garden tools. Holtz added that layaway adds on to noteworthy part of sales made in the year.
“Kmart previously charged $5 for an eight-week contract and $10 for 12 weeks. Customers make a down payment on merchandise and then pay in biweekly installments”, Holtz said today.
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