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A closeout or clearance sale (also called a closing down sale in the United Kingdom [1]) is a discount sale of inventory either by retail or wholesale. It may be that a product is not selling well, or that the retailer is closing because of relocation, a fire (a fire sale), over-ordering, or especially because of bankruptcy. [2]
Most companies from time to time end up with surplus goods, liquidated goods and bankrupt stock. This can be a costly problem. When customers are told that the reason for a price reduction is a stock clearance, they find this less attractive than other explanations such as a volume discount. [1]
The brand had 150 stores at its peak, predominantly on the West Coast. Anchor Blue declared bankruptcy in 2009 and shuttered more than 50 stores, and gradually shrank to include stores solely in California. It went bankrupt once more in 2011, with the remaining stores closed before Easter of that year. [48]
Joann. The 81-year-old fabric and craft retailer filed for bankruptcy in March, falling victim to customers cutting back on spending, including on fabric, arts and supplies materials. Joann’s ...
Some of NWL's assets were acquired out of bankruptcy by NSC Wholesale Holdings Inc., operated by former NWL executives. [1] As of February 2018, NWL operated 12 retail locations in Massachusetts, New Jersey, New York, and Pennsylvania. [2] The company filed for bankruptcy again in October 2018 and closed its 11 remaining stores. [3]
Big Lots said Monday that it has filed for Chapter 11 bankruptcy protection from its debts, with the discount retailer citing inflation and high interest rates for hurting its business.