Merchandise sold at reduced prices to clear remaining inventory, typically at the end of a season or when discontinuing a product line.
Compound of 'close' (from Latin 'clausus') and 'out' (Old English 'ut'). The retail term emerged in 20th-century American commerce to describe final sales to eliminate stock.
Closeout sales create a psychological shopping frenzy because they trigger our fear of missing out. Retailers have discovered that even when they have plenty of inventory, calling something a 'closeout' increases sales dramatically.
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