Terms Relating to Salvage: The Language of EPIC Liquidation World
- Closeouts-An offering of selected discontinued goods by the vendor to the retailer at reduced prices. This merchandise has been discontinued because of slow sale, a broken assortment,overstock, or the need to make space for a new season, etc. The savings are often passed along to the consumer as a closeoutsale, used to generate increased store trafﬁc.
- Discounted Goods-A reduction in price from ‘list’ or ‘regular retail’ given by the store to its customers.
- Distress Merchandise-Goods at either the wholesale or retail level which have been drastically marked down to facilitate quick sale, generally as aresult of some ﬁnancial exigency.
- Irregular-An item which contains some imperfection but which is not apparent to the naked eye. An irregular is closer to being perfect than a second.
- Job Lot or Odd Lot-A broken lot, un-balanced assortment, or discontinued merchandise reduced in price for quick sale.
- Overstocks-Merchandise in stock and on order in excess of planned quantities required to meet consumer demand.
- Salvage-Merchandise that is so damaged that it cannot be sold through regular channels at original price.
- Seconds-Merchandise which is damaged in manufacture or which isotherwise ﬂawed (although still serviceable) and which is offered at retail at greatly reduced prices.
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