Wal-Mart to Phase out Lay-A-Way

BENTONVILLE, Ark. - (AP) Wal-Mart is dumping another tradition started when Sam Walton founded the chain in 1962.

The world's largest retailer will end layaway service this year, due to falling demand and rising costs. Wal-Mart says it will stop accepting layway items on November 19th with a pickup deadline of mid-December.

It's Wal-Mart's latest break with tradition this year. It earlier added pay caps for hourly workers after four decades of no limit on annual merit raises, stopped selling guns in many stores and started tailoring stores to local demographics.

Chris Kofinis of WakeUpWalMart-dot-com says that while "Sam Walton's Wal-Mart" bought American, treated workers with dignity, and let low-income customers pay over time, "that Wal-Mart is now on permanent layway."