5 tips on how to handle store liquidation sales
Liquidation sales can offer great deals to consumers hunting for a bargain, but be careful.
Indianapolis-based consumer electronics retailer hhgregg last week became the latest chain to announce a giant liquidation sale. The everything-must-go sale at hhgregg ’s 220 stores follows several other major chains over the past couple of years that decided to close their doors and sell remaining goods at rock-bottom prices. Here are important points to consider to get the most out of the bargain bonanza. uDon’t necessarily expect great deals in the early days.
“Sometimes, at the beginning of a liquidation sale, a retailer may charge full price until inventory clears out,” according to Consumer Reports.
“Just because a business is advertising that it is closing does not mean they are offering the lowest prices on merchandise,” the Better Business Bureau says. uWatch for merchandise not typically sold at the store. Retailers often hire liquidators
that specialize in winding down operations. Some cart in extra merchandise from other sources to supplement liquidation sales. Unsuspecting consumers may not know the difference.
uThe best sales may be available at the end of the process, but don’t wait too
long. Inventory dwindles rapidly toward the end of a liquidation sale. If you’re concerned the store will run out of your desired product, don’t let the perfect deal be the enemy of the good discount. uUnderstand the return policy. There’s a good chance you won’t be allowed to return a product from a liquidation sale after a purchase. Make sure you understand your options before proceeding with a purchase.
uUse gift cards. Retailers often ask and receive a federal judge’s permission to honor gift cards during liquidation sales. But after the company is gone, your gift card is almost certainly useless. In the case of hhgregg, the company received the judge’s permission to honor gift cards for two weeks following the commencement of liquidation sales, according to a court filing.