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Sears Employs Debt Forgiveness Plan
Jun 30, 2009
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Sears Holdings Corp. said it will allow customers who lose their jobs to suspend payments and keep appliances bought with store credit cards. Customers who spend at least US$399 on appliances and related merchandise between July 6 and Aug. 1 will have one-twelfth of the purchase price credited to their account for every month they are out of work, Sears said. Those who are jobless for more than a year will have the full debt forgiven. Customers who lose their jobs between 60 days and one year after having made the purchase qualify for the offer. The program also covers delivery, service, and installation costs.

The company said it is running the trial program to increase spending on refrigerators and washing machines.

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