Mexico Business

"For customers who haven't taken advantage of the government rebate program, Sears' layaway presents the opportunity to purchase more efficient appliances, while managing their budget," said Susan Ehrlich, president, Financial Services, Sears Holdings. "Having been recognized as the 2010 ENERGY STAR Retail Partner of the Year, we continue to help American homes become more energy-efficient. Programs such as layaway offer a smart solution by making big-ticket items more affordable."

In addition to expanding the number of items available on layaway, Sears also recently announced plans to roll out an extended layaway program which will give shoppers more time to complete payment on contracts. The extended layaway program will launch in stores this fall.

According to Ehrlich, offering layaway for appliances comes as shoppers look for smarter ways to save money and better manage their family budget. "Layaway helps shoppers budget their purchases into four easy payments over an eight-week period - all for as low as $5 initiation fee," she said.

According to a recent national survey conducted by Sears, more than 33 percent of people said they would consider using layaway for home appliance purchases. "Our customer spoke, so we listened," said Susan Ehrlich. "Launching layaway for home appliances is just part of Sears' ongoing commitment to offering its customers innovative ways to shop. Whether they're preparing for a home renovation or simply updating to energy-efficient models, purchasing home appliances on layaway makes shopping easier, more affordable and interest free."

Consumers can use Sears' layaway year round for every shopping occasion. A down payment of $15 or 20 percent is required at the start of the contract; bi-weekly payments are then made for the length of the contract. The initiation fee on all new layaway contracts is just $5. Consumers can also visit http://www.sears.com/layaway to shop using online layaway and manage payments. Cancellation fees may apply.