When a company goes out of business, there is usually a sale. To snap 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?
Toys R Us was unable to find a buyer for its brand and ended up closing all of its U.S. outlets in June of 2018. There might be hope for the old brand yet, though. A hedge fund owns the company, and they've decided to hang on to the Toys R Us brand name, its web properties and even Geoffrey the giraffe. They're considering a new Toys R Us branding company. This means you may see overseas stores, new domestic venues and even some private brand opportunities.
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.
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.
- CNBC: The Business of Running a Going Out of Sale Business
- BankruptcyLaw: Where can I get information about the bankruptcy status of a particular business?
- Reference: How Do You Find Stores Going Out of Business?
- NYPost: Toys R Us Is Going Out of Business
- Business Love to Know: How to Have a Going Out of Business Sale
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.