Toys R Us Adds Layaway For Big-Ticket Items
Published: October 19, 2009
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 largest U.S. toy retailer says 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.
Retailers who have introduced the programs see them as a way to keep customers buying in a time of tight credit and other economic problems. Toys R Us CEO Gerald Storch says his company’s customers have been requesting a layaway program.
There’s currently no online layaway at Toys R Us, though the company says there might be in the future. The Wayne, N.J.-based company says the program is likely to keep going after the holidays, though terms may change.
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