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When a company goes out of business due to bankruptcy the contents of that business is usually sold to pay its creditors.  Merchandise can include new and used products, first quality, ends of season, and more.

A company may decide to cancel its order from a factory or distributor.  In order to sell this product the factory or distributor would slash its price on this merchandise.  Usually first quality products.

These are mainly brand new items that are no longer being sold for the wholesale cost because a company has bought a product in higher quantities that the company can sell.  These items may come from overstock or discontinued items.

Merchandise that will no longer be produced, usually due to a newer product that is being produced.

This term usually applies to merchandise that is stocked on a seasonal basis.    For example many clothing outlets are able to pass on excellent savings because they might stock clothing that was left over from last year's season.  Usually first quality. 

Extra merchandise produced in the manufacturing process.  Usually first quality products.

Merchandise that will no longer be produced, usually due to a newer product that is being produced.

Excess first quality inventory that is discounted.  Usually first quality products.

This product was returned which could have been due to the fact that the purchaser did not like the product and there was no defect with the product or the product may have been defective.  The product is inspected and serviced as necessary and is guaranteed to perform to full manufacturers specifications.  This type of product may come with a warranty.

These are items that were purchased and then returned to the company for refund, exchange or credit.  This type of merchandise could have been because it was defective; wasn't the right product; didn't like the merchandise, etc.

These are initial products that are produced to present to buyers in order to gauge response to a particular product and aid in the selling process to buyers.  Most companies produce samples for their products, if buyer interest is low these samples may be cancelled for production which results in a one-of-a-kind item.

Products  that have slight cosmetic blemishes which does not affect the operation of the product.

Seconds are items with minor flaws that do not affect performance.

Salvage goods are items that cannot be sold as new anymore.  This can include a brand new product and the box got ripped.  It can also include store returns where the item is broken but in most cases the item is in good condition and the item was returned for whatever reason.