What happens to the customers layaways if the company files bankruptcy? Will they have a chance to come and pay them off to pick them up?
4 replies (most recent on top)
the customer is screwed like any other lender if Chapter 7
Here's an actual answer. This is how Toys R Us handled it when they announced Chapter 7 liquidation (after months of Chapter 11 reorg):
"WHAT IF I HAVE ITEMS ON LAYWAY?
The company said it is sending notices to customers who have items on layaway. They will have 21 days after the notice to pay the remaining amount or ask for a refund on their deposit. Those that don’t take any action will lose their deposit and the item may be sold to someone else."
- https://baltimore.cbslocal.com/2018/03/23/toys-r-us-gift-cards-layaway-registry/
No
Who cares?