Fred's launches no fee layaway program for holiday gift purchases

MEMPHIS — Fred's on Friday launched a holiday layaway plan featuring no fees and a down payment of only $1.

"Fred’s realizes that the current economy presents difficult challenges to its customers and Fred's wants to offer as much assistance as it can," Fred's SVP sales and marketing Dave Mueller said. "That’s why we came up with a layaway plan that — with just one dollar down and absolutely no fees — is unlike any others and will stretch shoppers’ dollars during a time when it will be most welcome."

Mueller stressed that the no fees feature includes a no cancellation fee element, believed to be a first in the retail industry.

The layaway plan also offers a $5 gift card to customers for every layaway purchase totaling $50 or more.