Wal-Mart Stores Inc. (WMT) is one of the last big retailers to offer layaway and that ends with this Christmas shopping season. Customers have until Nov. 19 to put their items on layaway and they must pick them up by Dec. 8.
K-Mart and Sears, Roebuck and Co., both subsidiaries of Sears Holdings Corporation (SHLD) still offer layaway but other retailers such as Target Corp. (TGT), Circuit City Stores Inc. (CC), and Best Buy Co. Inc. (BBY) have either discontinued that service or never offered it.
According to this WashingtonPost.com article Layaway started after the Great Depression as a way to help customers buy the products they needed -- and to help businesses move their merchandise, he said. But as credit became increasingly accessible and goods became more plentiful, layaway fell by the wayside.
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