What are “closeouts”?
are a type of sale of goods below original manufacture cost that will no longer be carried or sold within the retail stores. The retail store changes its inventory seasonally; when they do this they remove all merchandise that had not sold within a period of time. Then they sell them in bulk at a loss under special agreements or contracts to jobber / closeout companies. Closeouts are mainly new items, but occasionally contain damages from increased handling. The companies who buy these closeouts generally sell them in, as is where is condition with no warrantees or guarantees. Depending on the company the merchandise may be graded and repackaged catering to the small to mid size buyers. Buying closeouts can give you a competitors edge by getting merchandise for pennies on the dollar.
