How to Find Companies Going Out of Business

by Heather Burdo - Updated July 23, 2018

When a company goes out of business, they usually have a sale going on. To snag up the deals, you have to know when someone is going out of business. There are a few different ways you can find companies that are going out of business. The first way is to check public records. Bankruptcy filings are considered a public record by law. You can access the information via your local government about companies who are going bankrupt. Another option is to check online for liquidation companies. Google can also be useful if you use a search term like, "businesses closing in (year)," "liquidation stores near me" or a similar phrase.

Is Toys R Us Going Out Of Business?

Yes, the rumor is true. The iconic Toys R Us is officially out of business. Toys R Us was unable to find a buyer or reach a deal to overcome the billions of dollars in debt the company had. This store has been open for the past 70 years and had to put 30,000 jobs at risk as they closed. Unfortunately, it's not just the kids that will miss the store, but major brands like Mattel, Hasbro and Lego will be negatively impacted revenue-wise.

Going Out of Business Sale

When a business is closing, a going out of business sale typically occurs. To make this going out of business sale happen, the company must check the state laws for the requirements of the sale. The business then sets a closing date and the rules for the sale. Inventory is gathered and any legal obligations fulfilled. Once everything is finalized, the company decides on how they will advertise the sale to the public. Usually, with a going out of business sale, inventory is distributed to higher volume stores which can maximize revenue.

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Furniture Stores Going Out of Business Sale

From toys and clothing to electronics, there are different kinds of stores closing their doors and having going out of business sales. For example, furniture stores go out of business, and for the same reasons that other stores go out of business. Usually, a business will close because they lack the funds needed to stay open. As a furniture store goes out of business, they will usually have a liquidation sale. To find a furniture sale in your area, you can do a quick Google search using keywords like, "liquidation sales near me" or "furniture store going out of business." Or you could search for "furniture business for sale," which is a heads-up there might be an upcoming sale.

About the Author

Heather Burdo has been personally involved in business for six years. Her passion is to help small business owners and entrepreneurs through engaging and insightful content.

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