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Big Lots—a discount retailer that sells groceries, furniture, toys, and other household essentials—just announced “going out of business” (GOB) sales at all of its remaining stores.
At the beginning of a going-out-of-business sale, stores or liquidators running the sales often hike prices just so they can "slash" them later, drawing in unsuspecting shoppers looking for a deal.
The financially struggling Charlotte mall lost several national retailers over the last year but has seen an influx of locally-owned stores.
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 ]
Along the same vein, Big Lots plans to host "going out of business" sales as its more than 900 locations after the company's sale to a private equity firm fell through earlier this month.
The company began going-out-of-business sales at its remaining stores in both the United States and Canada and on the chain's website, LNT.com, on October 17. The sales concluded on December 28, 2008 in all stores, [4] [5] but Linens 'n Things continued the going-out-of-business sale on its website until February 15, 2009. [citation needed]
An open Herberger's in Rapid City, South Dakota and its going out of business sale a few months later. Bon-Ton announced on April 17, 2018, that they would be closing doors and began liquidating all 267 stores after two liquidators, Great American Group and Tiger Capital Group, won an auction for the company.
The pandemic forced the chain to pause going-out-of-business sales at its more than 150 stores, but they eventually resumed in the summer of 2020. Vaughn J./Yelp. Art Van Furniture.