A sale where a store sells off remaining items, usually at reduced prices before closing or clearing inventory.
Compound of 'close' (to shut) and 'out' (completely). Emerged in mid-20th century retail language to describe the final liquidation of stock before a business closes.
Closeouts became a cultural phenomenon in the 1970s-80s as shopping malls transformed retail—stores would vanish overnight and suddenly 'everything must go' signs appeared, making closeout sales both treasure hunts and melancholy spectacles of commercial loss.
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