Toys R Us Inc. is offering a layaway program for holiday shopping. Such plans have returned with the recession.
(Mark Lennihan/Associated Press/File 2008)
Toys R Us latest to add layaway plan
Toys R Us Inc. is offering a layaway program for holiday shopping. Such plans have returned with the recession.
(Mark Lennihan/Associated Press/File 2008)
NEW YORK - Toys R Us Inc. is introducing a layaway program for larger-ticket items such as bikes and cribs ahead of the holiday season, the company said today.
The largest US toy retailer said the program is effective immediately in stores nationwide. Customers can put a variety of items on hold and make a series of payments until the item is paid in full.
Layaway programs are financing agreements in which retailers - without charging interest - hold merchandise for customers until they have finished paying in installments.
Popular during the Great Depression, layaway had become largely a thing of the past before the recession hit. But Sears expanded its program for the holidays last year, and due to its popularity Sears and Kmart introduced an online option this year.
Toys R Us CEO Gerald Storch said his company’s customers were requesting a layaway program.
Customers putting a product on layaway must deposit 20 percent of the item’s price, all applicable taxes and a $10 service charge. Payments may be made in stores at any time. Items must be paid for by Dec. 6 to be available for pickup before Christmas, the company said.
A $5 fee applies to canceled orders. Terms may vary by state.
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