A closeout sale is the final sale of an item to clear inventory and get rid of extra stock. Most items found in closeout sales are models of items that are not selling well. However, sometimes items that do sell well are part of closeout sales should a retailer relocate, undergo extreme damage or go bankrupt. In the latter case, many times a closeout sale is referred to as a “going-out-of-business sale” as part of liquidation. In any case, a store going out of business or needing to get rid of all merchandise will make it clear to customers that it is their last chance to get any products that they may want.
There are many different kinds of stores that use closeout sales to sell off inventory that is no longer in demand. Sometimes this happens for stores that hold seasonal merchandise such as clothing stores. Car dealerships also hold closeout sales to get rid of models that remain as new models are coming out. Many times these sales revolve around holidays such as Christmas, Memorial Day and the Fourth of July.
Many retail stores exist on closeout merchandise from well-known companies. Just some of these companies include Big Lots, the largest closeout store chain in the United States, TJ Maxx, Marshall’s and Value City. Because the intent of any closeout store is to get rid of merchandise for good, some stores refuse to accept any returns on it once it is bought. This is especially the case with liquidation and store-closing sales, as the stores being bought from will no longer exist after a period of time.
Because regular prices are often inflated, discount prices begin at cuts of 25% but can get down to up to 90% off of initial prices. These massive price cuts attract a wide variety of customers, most of whom know when the reductions are made and show up on the very first day for the best selection. Not every sale is predictable, however. Some stores mark down seasonal items on irregular schedules, making it harder for consumers to capitalize on these deals.
Whether a store holds an annual closeout sale or is going out of business for good, customers are attracted from near and far to capitalize on deals up to 90% off the retail place. Although many of these sale items cannot be returned, customers still buy as much as they can due to the irresistible deals and steals. If you have never shopped a closeout sale, look for one. You never know what you can find for a bargain that you could have never imagined.
If you’re looking to understand more, Wiki has a page on the topic. However, the information is rather hard to understand. It might be worth a look.