Closeout trade glossary
Plain-English definitions of closeout, liquidation, freight and export terms used in the wholesale inventory trade.
Terms
- As-is, where-is: the standard closeout sale term
- Bin store: the price-drop retail model
- Bill of lading (BOL): the shipment's key document
- CIF: Cost, Insurance and Freight explained
- Closeout: definition and how the trade uses it
- Customer returns: what they are in liquidation
- EXW: Ex Works, the minimum-obligation term
- FCL: full container load shipping
- FOB: Free On Board, and what closeout sellers mean by it
- FTL truckload: one load, one trailer
- Gaylord: the bulk box on a pallet
- Incoterms: the 11 rules behind every export quote
- Jobber: who they are in the closeout trade
- Landed cost: what a load really costs you
- LCL shipping: sharing an ocean container
- Liquidation: the term and its two meanings
- LTL freight: shipping pallets without a full truck
- Manifest: the list behind a closeout load
- MAP pricing: minimum advertised price and closeouts
- MSRP: suggested retail price in closeout deals
- Off-price retail: definition and how it buys
- Overstock: what it means in wholesale
- Pallet: the base unit of closeout trading
- Percent of retail: the closeout price shorthand
- Resale certificate: buying inventory without sales tax
- Reverse logistics: where returns go next
- Salvage: what it means in closeout loads
- Shelf pull: definition, condition and uses
- Take-all: buying everything, no cherry-picking
- Unmanifested load: buying without a line list