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Sears: Lose Your Job, We'll Pay For Your Appliance

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Jun 30, 2009 8:08 am US/Eastern

Sears: Lose Your Job, We'll Pay For Your Appliance

HOFFMAN ESTATES, Ill. (AP) ―

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Sears is planning to offer a buyer protection program for its home appliances to help consumers who lose their jobs during the recession.

The program covers appliance purchases of more than $399 made on a Sears card by cardholders who lose their jobs. The program starts Monday and runs through Aug. 1. Cardholders must have held a full-time job for at least 60 days when the appliance was purchased.

The program will credit 1/12th of the purchase price to their account for each month they are out of work. If the person is still out of work one year after the purchase, they will receive an account credit for what's left of the purchase amount and get to keep the appliance.

Sears Holdings Corp. is led by financier Edward Lampert.