Kmart does away with layaway fee

HOFFMAN ESTATES, Ill. — Kmart has removed its layaway service fee both in stores and online through Nov. 17.

The mass retailer, which offers the program year round, said the decision to make the program free "emphasizes the company's commitment to delivering value and convenience to customers, acknowledging family budgets are strained during the holiday."

"At Kmart, we understand the excitement holidays bring, and the budget concerns that come with them," Sears Holdings VP financial services Jai Holtz said. "By providing free layaway we want to help make holiday shopping less stressful."

Several other retailers have reported the reduction of their layaway program fees, including Walmart.