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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 ]
The sale was first announced in November 2022. [21] As part of the sale, the Zegna Group took full control of Tom Ford International which owns and operates the fashion business. The deal includes a long-term licensing and collaboration agreement for a minimum of 20 years with automatic 10 year renewals subject to certain minimum performance ...