Layaway

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Layaway

An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of money.

References in periodicals archive ?
That is really what the season is all about, if you ask me - giving selflessly, to those who may not be as fortunate or who have hit a hurdle in their lives that led them to resort to making minimum payments on layaways at discount retailers.
We used to just have a rack where we put all the layaway items, but because it became so important over the years, we decided to dedicate a room for layaways so we can get those items off the floor," said Jessica Bettencourt, president of Klem's.
But for the stores whose shoppers still do sign up for layaways, they're going strong, even in nontraditional ways.
What Wal-Mart said was that it would wait to record sales on layaway items until the consumer paid off the entire balance, not when the sale itself was posted.
As a final point, for those companies that have recognized gift certificates and layaways as income, a tax deduction should be available when escheat payments are made to a particular state.
Bramante said he will "absolutely" notify everyone as soon as he can in regards to layaways and other news.
Some of these tools like the layaways or the old Christmas (savings) club are good fundamental ways to develop a spending plan for the holidays.
In addition, a higher amount of layaway sales this year as compared to last year also had a negative effect on our reported comp sales results consistent with the adoption of the [Security and Exchange Commission's] layaway accounting rule.
Visit Bedroom City's Labor Day weekend sale where you'll save 50 percent to 80 percent off retail on overstocks, unclaimed layaways, discontinued models and closeouts.
In a conference call to investors, Scott and Thomas Schoewe, executive vice president and chief financial officer, urged analysts to adjust earnings-per-share estimates for the third quarter due to a change in accounting regarding layaways.
Bankruptcy Court approval to, among other things, pay vendors and other providers for goods and services received from March 15, and to honor customer service programs, including warranties, returns, layaways and gift certificates.
Enhanced Sales Order functionality eases the interface between Receipts and customer orders, layaways, special orders and gift registries.