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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Market indexes 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. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.