Businesses are dropping like flies due to the coronavirus pandemic, but there are some key things you need to know before you buy. From big-name retailers to small businesses, consumers will be able to find incredible deals at going out of business sales for months or possibly years to come.
These sales may seem like a golden opportunity to get steals on just about anything but keep these shopping tips in mind before you buy.
Getting inventory out the door and liquidating merchandise means you are buying as-is. There is typically a no-return policy so be sure you actually want what you buy – and ensure that it is in proper working order with all of the parts.
Many stores will allow you to open the box to inspect the product before you make a purchase. Check the parts list to ensure the box includes everything you need to use the item. When buying clothing, even if you are getting a great deal, try the clothes on before you buy them.
Often times, the manufacturer’s warranty send you right back to the place you originally purchased your item. If a company is no longer in business, you may not get the warranty the product advertises.
When you buy at liquidation prices, except little or no support after you get the product home.
We’ve all seen the mattress stores with going out of business banners and signs outside the location. Mattress stores aren’t the only ones who’ve mastered this sales gimmick. Professional liquidators work these sales by increasing the prices on everything by 20% to 30%.
When the ‘going out of business’ sale launches they’ll advertise discounts that are often times less than what they just marked up the products by. If you see the same store ‘going out of business’ on a regular basis, save your money as you may end up paying more than regular price.
If you have a gift card to a business, you’ll definitely want to use it or you will lose it. Bankruptcy laws treat gift card recipients the same as creditors when a company goes out of business. When the goods are gone – so is the value of the gift card and if you wanted your money back, you’d be getting in line behind the creditors and other debts the business owes.
You should also NEVER pay cash for items that you need to be delivered. If you never receive your item, there will be nothing you can do if they close their doors before you get the goods.