Going-Out-of-Business Sale
Definition: A "going-out-of-business sale" is a special sale where a store or business sells all its products at reduced prices because it is closing down. This type of sale happens when a business cannot continue to operate and needs to sell everything it has before it shuts down.
Usage Instructions:
When to use: You can use this term when talking about a store that is closing and is having a sale to sell its remaining items.
Who uses it: This term is commonly used by business owners, shoppers, and anyone discussing retail situations.
Example:
Advanced Usage:
In a business context, it can be used to discuss the financial struggles leading to such a sale. For example: "Due to increasing debts, the company announced a going-out-of-business sale to clear its inventory."
Word Variants:
Going-out-of-business: This can be used as an adjective, e.g., "going-out-of-business signs were everywhere in the store."
Sale: This is a noun that can be used in many contexts, such as "clearance sale," "holiday sale," etc.
Different Meanings:
While "going-out-of-business sale" specifically refers to a sale due to a business closing, the word "sale" alone can refer to any event where items are sold at a lower price, not necessarily related to a business closing.
Synonyms:
Liquidation sale
Closing sale
Final sale
Idioms and Phrasal Verbs:
"Clear out": To sell all items or remove everything from a place. For example, "We need to clear out the store before the going-out-of-business sale."
"Blowout sale": A very large sale where items are sold at significant discounts, though not necessarily because the business is closing.
Summary:
A "going-out-of-business sale" is a significant event for both the business and customers.