1. layaway - Noun
2. layaway - Verb
(tanning) A pit in which hides are stored.
(Canada, US) The system of accepting a deposit and holding for a customer to complete purchase.
(Canada, US) An item which has been held in this way.
layaway (third-person singular simple present layaways, present participle layawaying, simple past and past participle layawayed)
To place items on hold with a deposit at a merchant's.
On sales, the pawnshop may offer layaway plans, subject to conditions (down payment, regular payments, and forfeiture of previously paid amounts if the item is not paid off). Source: Internet
The layaway location in most stores is now used for Walmart's Site-To-Store program, which was introduced in March 2007. Source: Internet