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Many retailers are struggling in the current economic environment and deciding to close some or all of their stores. Here are some frequently asked questions about going out of business stores near you.
A going out of business sale is when a retailer is closing locations permanently and discounts their inventory significantly to try and sell through as much merchandise as possible before shutting down.
Stores decide to close locations for a variety of reasons like declining sales, not being profitable enough, or changing consumer shopping behaviors. Having a significant sale allows them to recover some costs by selling inventory at low prices before closing the stores for good.
You can search online for going out of business sales in your area. Many retailers will advertise closeout sales on their websites and signs in the stores. Local news outlets may also report on major retailers closing locations. Driving or walking around shopping areas can sometimes reveal clues that a store is closing through sale signs in the windows.
During a going out of business sale, expect deep discounts often 50% or more off original prices. The goal is to sell through everything so final markdowns may reach 70-90% off in the final weeks as the closing date approaches. Some merchandise like fixtures may not be discounted at all.
Going out of business sales timelines can vary but generally start 4-6 weeks before the announced closing date. Deeper discounts roll out in the final weeks as liquidation nears an end. Most sales wrap up by the time a store officially closes its doors for the last time.
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