Conn's HomePlus Announces New Layaway Offering

Rhea-AI Summary

Conn's HomePlus (NASDAQ: CONN) launched a new layaway program to enhance product accessibility amidst economic challenges. This initiative allows customers to make biweekly payments over 12 weeks for various items, such as furniture and appliances, without requiring credit history. The program coincides with a trend of early holiday shopping due to inflation concerns, as 40% of consumers plan to shop sooner. Conn's aims to cater to diverse payment needs, complementing existing options like lease-to-own and in-house financing.

Positive

• Launch of new layaway program to enhance product accessibility.
• No credit history required for layaway, appealing to a wider customer base.
• Aligns with consumer trends of early holiday shopping due to inflation.

Negative

• None.

Newest payment option promises greater product accessibility alongside Conn's industry-leading white glove, next-day delivery services

THE WOODLANDS, Texas, Sept. 7, 2022 /PRNewswire/ -- Conn's HomePlus (NASDAQ: CONN) announces a new layaway program, its latest addition to a wide array of payment options designed to meet every customer's needs. Customers can now enjoy the benefits of layaway alongside key differentiators like national brand products, industry-leading white glove, next-day delivery and in-house repair services.

The layaway program is a component of Conn's commitment to unlocking greater product accessibility and payment options for all, especially during a time of economic volatility. Industry research by Salesforce found over 40% of consumers plan to start their holiday shopping earlier due to decades high inflationary trends. Conn's customers will now be able to shop for the holiday season early while enjoying the program's measured approach to payment.

"Our guiding vision is that everyone deserves a home they love and a big part of that is our commitment to providing a payment option for every customer," said Chandra Holt, President and CEO of Conn's HomePlus. "We know our customers, like so many across the country, are feeling the pressure of inflation and the rising cost of living, especially heading into the holiday shopping season. Our layaway program provides all customers with a credit-free payment option so they can create a home they love."

Available in all Conn's store locations, the layaway option allows Conn's HomePlus customers to purchase appliances, furniture, mattresses and eligible electronics by making a deposit and then making biweekly payments over a 12-week period, with no additional fees or charges.* No credit history is required to be eligible. The layaway offering empowers all customers to love an item today and get it when they're ready.

Layaway is the latest addition to Conn's expansive portfolio of payment options, including lease-to-own, private label credit cards, in-house financing and more. Together, these programs provide a customized payment process and shopping experience that can meet every customer's needs.

For more information on Conn's layaway offering, please visit https://www.conns.com/layaway.

 *No additional fees or charges, except for cancellation fees, if applicable.

About Conn's, Inc.   

Conn's HomePlus (NASDAQ: CONN) is a specialty retailer of home goods, including furniture, appliances and consumer electronics, with a mission to elevate home life to home love. With more than 160 stores across 15 states and online at Conns.com, our over 3,500 employees strive to help all customers create a home they love through access to high-quality products, next-day delivery and personalized payment options, including our flexible, in-house credit program. Additional information can be found by visiting our investor relations website at https://ir.conns.com and social channels (@connshomeplus on Twitter, Instagram, Facebook and LinkedIn).

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SOURCE Conn's HomePlus

FAQ

What is the new layaway program announced by Conn's HomePlus?

Conn's HomePlus introduced a layaway program allowing customers to make biweekly payments over 12 weeks for products like furniture and appliances without credit history.

How does Conn's layaway program benefit customers?

The layaway program provides a credit-free payment option, making it easier for customers to purchase items during economically challenging times.

When was the layaway program launched by Conn's?

The layaway program was announced on September 7, 2022.

How does the layaway program affect holiday shopping for Conn's customers?

The program allows customers to start their holiday shopping earlier, addressing inflation concerns and enabling budget management.

Is there any additional cost for Conn's layaway program?

There are no additional fees or charges for the layaway program, except for cancellation fees if applicable.