L.L. Bean Bows Out of Lifetime Return Policy

One of the oldest and most famous retail policies in America — L.L. Bean's promise to replace any product regardless of its age or condition — has been scrapped.

And the famed Maine clothier says it's ending the century-old policy because some customers were abusing it.

"What we have seen, and it has come to the point where we had to act upon it, is a small but growing group of customers who are interpreting the guarantee as a lifetime product replacement program, and that was never its intent," L.L. Bean President and CEO Stephen Smith told the Portland Press Herald.

"The satisfaction guarantee and the intent of the guarantee is very much still intact. We make great stuff and we stand behind great stuff. But we have had a huge growth in abuse, and fraud, and a misinterpretation of that guarantee."

From now on, products only can be returned if they were bought within 12 months or have a manufacturing defect.

• L.L. Bean Launches Employee Buyouts, Cuts Pension Plan
• Trump Praises LL Bean Heiress as PAC Discloses Donations