Liquidation Terms: The Language of 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.
Overstocks: Merchandise in stock and on order in excess of planned quantities required to meet consumer demand.
Distress Merchandise: Goods at either the wholesale or retail level which have been drastically marked down to facilitate quick sale, generally as a result of some ﬁnancial exigency.
Irregular: An item which contains some imperfection but which is not apparent. An irregular is closer to being perfect than a second.
Seconds: Merchandise which is damaged in manufacture or which is otherwise ﬂawed (although still serviceable) and which is offered at retail at greatly reduced prices.
Job Lot or Odd Lot: A broken lot, unbalanced assortment, or discontinued merchandise reduced in price for quick sale.
Salvage: Merchandise that is so damaged that it cannot be sold through regular channels at original price.
Discounted Goods: A reduction in price from ‘list’ or ‘regular retail’ price.