Sears' previous policy allowed customers to return merchandise within a "reasonable period of time" -- a non-specific statement that has resulted in inconsistent interpretations. The updated policy provides a time element to the otherwise ambiguous "reasonable period of time." Since both customers and associates can interpret a reasonable period of time several different ways, this updated policy will make the return process easier for all parties involved.

Much of our competition has a time element to their return policies -- anywhere from 15 to 90 days after the initial purchase. Sears' updated return policy specifies a generous but market-competitive time element of 30 to 90 days.

Here's the updated policy which becomes effective Feb. 17:

Satisfaction Guaranteed or Your Money Back

We hope that you are completely satisfied with your purchase. If for any reason you are not satisfied, simply return your purchase with your receipt within 90 days of your purchase, 30 days for home electronics, for a full refund or exchange. If you are not satisfied with your purchase after these time periods, please let us know. Your satisfaction is important to Sears.

Please note that this does not change Sears' long-standing policy of "Satisfaction Guaranteed or Your Money Back." The policy states that if for any reason the customer is unhappy with his or her purchase, returns will be accepted within the time frame.

All warranties, including KidVantage and Craftsman Hand Tools, are still honored. The Lands' End guarantee also remains.

This policy update has not been influenced by the Sears-Kmart proposed merger. We have been researching and reviewing the return policy for many months prior to the merger announcement.

The updated policy will be reflected on signs at the cash register and on customer receipts. Store associates have also been trained in communicating the policy to our customers.