Closeout (noun)

A sale in which a store or business sells all of its remaining merchandise at reduced prices in order to close or discontinue that line of products.

Origin:

From the word "close" and "out", it refers to a sale in which a store or business sells all of its remaining merchandise at reduced prices in order to close or discontinue that line of products.

Examples:

1. The store was having a closeout sale on summer clothing.
2. The closeout prices were too good to pass up.
3. He bought the furniture at a closeout sale when the store went out of business.
4. The closeout sale was the last chance to buy that model of car.
5. The closeout was a great opportunity to buy designer clothes at a fraction of the cost.