Bentonville, Ark. - Walmart will offer a Christmas layaway program for consumer electronics and toys at all its stores between Oct. 17 and Dec. 16.
The offer excludes contract wireless phones and products priced less than $15.
The world's largest retailer said its customers have indicated that they are most interested in layaway for those two categories, and that they need the option the most during the holidays.
"We're always looking for ways to ease budget strain for our customers, and we know this holiday season in particular brings with it additional financial pressure," said Walmart's chief merchandising officer Duncan Mac Naughton.
Walmart follows Kmart and sister chain Sears, which revived their layaway programs in 2008 to help cash-strapped consumers during the depths of the recession.
Walmart said its program will enable customers to make payments when they want and for how much they want, although items must be paid in full and picked up on or before Dec. 16. Customers must make a total minimum layaway purchase of $50, and pay a 10 percent down payment on the total purchase and a one-time non-refundable $5 service fee. A $10 fee will be charged for canceled orders or purchases not picked up by Dec. 16.
Layaway orders can be initiated and retrieved at most stores' Walmart.com counters, and payments can be made at any register, the retailer said.