Hmmm ... I've never used layaway, but I do remember seeing it at clothing stores. Now that I think about, it probably was some time in the 80's that I last saw it.
Are there any interest or carrying fees assessed? I wonder why people use lay-away instead of just saving up before buying?
I'd be concerned about a store going under before I got my product.
I think the big plus of layaway is that you reserved the item until you could buy it outright. I've never used layaway, if you can believe it - I either bought it outright or gambled that it would still be there by the time I saved up for it. And yep, layaway is not your choice at a going out of business sale.