Closeout (sale)

A closeout sale is the final sale of an item either by a retailer or sell off of a retailer inventory to a 3rd party company. It may be a given model of item that is not selling well, or in the case of the final closure of a retailer because of a relocation, a fire (fire sale), extra inventory, or especially because of a bankruptcy. In the latter case, it is usually known as a going-out-of-business sale, and is part of a liquidation. A "hail sale" is a closeout at a car dealership after hail damage. Often, when the store is shutting down, they let people know that this is their last chance to buy the merchandise. However, often it's companies that can't sell their inventory, inventors that had a bad idea or businesses that are looking for fast cash flow to pay their bills such as payroll, etc.

A closeout store is a retailer specializing in buying closeout items wholesale from other retailers and selling them at a discount. Big Lots is a well-known closeout store chain in the U.S., but other stores such as TJ Maxx, Ross Dress For Less, Marshalls, and Value City are also common, specializing more in clothing and housewares.

Some clearance merchandise is non-returnable at some stores, as the intent is of course to get rid of the items. This is especially the case with liquidation and store-closing sales. However, in many jusrisdictions such as the United Kingdom, consumers retain their usual rights during a sale, such as the right to return faulty goods (under the Sale of Goods Act 1979) and the right to return goods granted by the Distance Selling Regulations.

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