It began with the closing of local Borders stores in cities around the country, and now the bookstore is inching closer to filing bankruptcy every day. It's never good news when you find out your favorite company is going out of business, but the silver lining can be those amazing deals you hope to score on items you've been coveting.
But before you start envisioning deep price slashing and too-good-to-be-true deals, remember that many companies love to capitalize on all that enthusiasm. Read on for some tips on dealing with shopping at a store that's going out of business.
- Don't expect crazy deals. Many times, the liquidation company that buys the store's merch uses tactics that can mean what seems like a good deal is actually more than what you would pay at a competitor's.
- Use that gift card, fast. If you hear that a store is careening toward Chapter 11, use any gift cards you've been hoarding for it as fast as possible or risk not being able to redeem them after the company files for bankruptcy.
- Wait for better markdowns. The longer you wait, the better the deals get, as liquidators start need to move inventory faster. Sometimes, though, a company won't disclose the last day they'll actually shut the doors for good, so be mindful of how much you want an item and how much you're willing to sit and wait.
- If you do buy, check that everything works and is there. Many sales from going-out-of-business events are final, so read the fine print on warranties and check the product out carefully before you buy.