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Stores are not legally required to accept exchanges or give refunds, unless the merchandise was defective or misrepresented. While most retailers do offer refund and exchange programs, policies vary greatly from one store to another. Fortunately for shoppers, one positive outcome of the COVID-19 pandemic is that many retailers have become more lenient in their return policies. But be sure to double check policies this holiday season, even if you are familiar with the brand, as stores can change their policies whenever they want.