Wal-Mart does away with layaways
The nation's largest retailer says customers will have until Nov. 19 to place items on layaway, other payment offers remain.

NEW YORK (CNNMoney.com) -- Wal-Mart Stores, Inc. said Thursday that, because of declining use and increasing costs, the retail giant will phase out its layaway program.

Customers will have until November 19 to place items in layaway for this holiday season and merchandise must be picked up by December 8.

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"Demand for layaway service has declined steadily as consumers turn to other options, such as online shopping, gift cards and no-cost credit alternatives," Pat Curran, executive vice president, store operations, said in a statement.

"To assist our customers, we are offering one last opportunity to use layaway service this Christmas season."

The company will still offer customers other payment options, such as zero interest for six and 12 months for current Wal-Mart cardholders.

Shares of Wal-Mart (Charts) edged higher on the New York Stock Exchange Thursday afternoon. Rivals Costco (Charts) and Target (Charts) were also up slightly.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.