A closeout sale is a discount sale of inventory either by retail or wholesale). It is the final sale of an item to clear inventory and get rid of extra stock. Closeout sales can occur for various reasons such as a product not selling well, relocation, over-ordering, bankruptcy, or a fire). In the case of bankruptcy, it is usually known as a going-out-of-business sale or liquidation sale, and is part of the process of liquidation). Closeout sales can also occur after hail damage, which is known as a hail sale).
Closeout stores are retailers that specialize in buying closeout items wholesale from others and selling them at low prices). Some well-known closeout retail chains in the United States include Big Lots, TJ Maxx, Ross Dress For Less, Marshalls, and Value City, which specialize more in clothing and housewares).
It is important to note that certain inventory which would be considered a true bargain in a closeout, such as video game consoles, games, and first-party accessories, may have limitations).
