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In layaway programs, retailers hold items for customers, without charging interest, until they have finished installment payments for the items. The types of items Toys R Us is looking at for the program include items such as bicycles and cribs.
According to Toys R Us, the program is effective immediately nationwide. Prior to the "Great Recession," layaway had become mostly a thing of the past. Last year, however, Sears expanded its program for the holidays, and due to its popularity Sears and Kmart introduced an online layaway option for this year. In fact, Kmart has been using celebrity Steve Harvey to push its online program.
Toys R Us does not yet have an online layaway option, but the details on its layaway program are as follows: customers must deposit 20% percent of the item's purchase price, along with any applicable taxes and a $10 service fee. Payments may be made in stores at any time.
Toys R Us said layaway items must be fully paid by Dec. 6 to be available for pickup before Christmas. Items will be available seven to 10 days after the final payment. There will be a $5 cancellation fee. The company noted some terms may vary from state to state.
Written by Michael Santo
Posted October 19th, 2009 by Michael Santo
