layaway

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Also found in: Legal, Idioms.

lay·a·way

 (lā′ə-wā′)
n.
1. A payment plan in which a buyer reserves an article of merchandise by placing a deposit with the retailer until the balance is paid in full: bought a suit on layaway.
2. An article reserved under such a plan.
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References in periodicals archive ?
We were able to pay away 18 family's layaways just in time for Christmas.
16 article ("Anonymous donor pays off Kmart bills") about the anonymous widow who paid off several layaways at a Midwest Kmart for other shoppers - and all the thanks she asked in return was that the beneficiaries of her generosity "Remember Ben.
At Klem's in Spencer, the store has a dedicated room for layaway items, where 50 or more separate layaways are going on this time of year.
For example, manufacturing companies switched from recognizing revenue on shipment to on receipt; or retailers that had previously decided to take revenue on layaways began to defer until the customer took possession of the goods.
With talk of investments and retirement plans, credit cards, and layaways, we are carefully educated as to where our true security lies and encouraged to believe that only a fool would think of trusting in God.
When times are tougher, and the economy is not as good, you'd expect to see layaways increase as people look for alternative ways to finance their purchases,'' Goldenberg said.
A lot of retailers recognize layaways as revenue when the customer picked it out and put down a deposit even though the retailer was still holding onto the merchandise.
Wal-Mart found that out in mid-August when, in announcing its second-quarter earnings, it said it planned to revise its accounting practices for consumer layaways.
During the holiday season many retailers saw an increase in sales of gift certificates and layaways.
As for layaways and other questions, he said he's waiting on information like everyone else.
It gives them the opportunity to do something for their families that they may not (otherwise) be able to do," said Chad Tatum, general manager at the Gateway Mall Sears store, who declined to estimate the rate of layaways at his store.
There were also issues working against these retailers, such as accounting rules that force retailers to exclude layaways from sales tallies.