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.
For additional information, stay with NBC 4 and refresh nbc4i.com -- Where Accuracy Matters.
To submit a story idea or news tip, e-mail stories@nbc4i.com.
MORE: NBC 4 Local News | Local Crime News
NBC 4 SPORTS: Sports News, Video
NBC 4 POLITICS: Headlines, Interactives & Video
Email
Facebook
Google
Twitter
Favorites
More
Advertisement