If you are shutting down your company, you can try selling closeouts to existing accounts and regular customers. But in order to sell excess inventory in large quantities you may have to liquidate inventory on a larger scale. Sometimes it is necessary to work with overstock buyers and be more aggressive to get rid of old stock that is sitting in the warehouse. If you wait too long or don’t get rid of inventory quickly enough, you may be faced with a situation where you have to get out of your warehouse but still have a ton of closeouts that weren’t liquidated.
One option is to have an auction for liquidation buyers and overstock buyers in your area. There are buyers for closeouts and dead inventory in every major city, and they will be happy to visit your warehouse and make you an offer to liquidate inventory. This kind of distributor is accustomed to handling all categories of products in small to large quantities so don’t worry that you won’t be able to sell it. Keep in mind when you sell excess inventory you will only recover a small percentage of your original cost, but you will be able to get rid of everything quickly.
As you go through the process of closing your business, evaluate what’s left in terms of inventory and remaining assets. Vehicles, equipment, and machinery can be sold on resale platforms. There are also auctioneers that specialize in reselling of heavy equipment. CarGurus is the most visited online car marketplace for any vehicles you’re looking to sell. For your inventory, a final sale can move some of your remaining stock. But if you’re looking to sell your outstanding inventory fast, there are companies that will buy up unsold inventory. Liquidators and overstock buyers like merchandiseusa.com can take your inventory off your hands quickly—but at a significantly reduced price.
Try to move as much as you can through promotional pricing leading up to the closure. If you were in business for years or even decades, you likely built up old inventory and closeouts that should have been liquidated while you were running the business. Owners and sales people have a tendency to want to sell what’s new and exciting, not the old inventory that’s been sitting in the warehouse. It’s hard to sell excess inventory because it is often older stock and less attractive merchandise. Companies that liquidate inventory understand this and they will buy overstock or closeouts if the merchandise is cheap enough. You can also try closeout websites or closeout brokers who may be able to pay more money. By increasing the discount gradually over time, you earn more on your inventory before resorting to using a liquidator.
If you want to liquidate your inventory online you can try having a flash sales. This is a common technique used by closeout websites and other online liquidators. There are many ways to sell excess inventory and this is just another option. The goal is to not get stuck with closeout merchandise so you want to liquidate inventory any way you whether this is with the help of closeout brokers, liquidators or Over the course of running your closeout business, you probably had to open up accounts for different purposes. Now it’s time to make sure you close them all down. Start with the cancellation of any licenses and permits including your seller’s permit, business license, employer identification number (EIN), and fictitious or assumed business name. If you have employees, you need to close down your state tax and unemployment accounts. Close down your workers compensation policy as well. Save closing your business bank accounts and credit cards for last to cover any remaining expenses you’ll have.
As a last resort you can give your inventory to charity. This option may not help you to recover some of your losses, but it could leave you with a warm feeling in your heart. Some or all of your assets could be donated to a charity to either distribute among those in need, or to resell for money. Liquidating inventory will bring in some nuch needed cash, but donating to a good cause is a great option. Sometimes it’s too hard to sell unwanted inventory no matter how cheap you make it. Surplus buyers and closeout buyers can be particular about what they are willing to take because their customers are also demanding. Closeout buyers today want the right items, in the right packaging, at the right price. Just because you are shutting down your warehouse or downsizing your business and want to get rid of old merchandise cheap, does not guarantee closeout brokers or companies that liquidate inventory will be interested.
Merchandise USA is a closeout liquidator in business 37 years. We are always looking for liquidation stock for sale, unwanted merchandise, closeouts from 3PL warehouses and excess inventory. We specialize in buying closeouts of housewares, home décor, toys, sporting goods, Closeout companies are not all the same so make us your number one choice for liquidating excess inventory.