Monday, January 26, 2009

Projo: Be cautious at going-out-of-business sales

Everyone likes a bargain, no matter what the financial climate. In the current economic conditions, it’s become even more important to watch our spending. So a store closing sale could look like a chance to get some great bargains. Paul Grimaldi of The Providence Journal says it can be, but be careful. Here are some tips from his article in today's Journal:

  1. Don’t count on the bargain. The point of a store closing sale is for the store to make as much money as possible before closing in order to pay off their debts. It’s not unusual for a store to inflate prices before taking off percentages. Shop around; you may find the item you want is actually less expensive somewhere else.
  2. Ask questions. Manufacturer’s warrantees shouldn’t be affected by store closings – usually – but where would you return the item if it breaks? If the store sells its own brand, be extra cautious. If the store that’s closing is part of a chain, other stores may not close. You can ask about returns and guarantees being forwarded to other locations, too.
  3. Use your gift cards now. Stores that have declared bankruptcy can – and often do – stop honoring gift cards.
  4. If possible, purchase with a credit card. Your credit card company may offer additional protection if the product is defective or never delivered.
  5. Take it home today. Once you’ve decided on an item to purchase, don’t count on delivery. Make sure that you can bring whatever you buy home with you.

Careful shopping and doing your homework can go a long way towards making a liquidation sale work for you.

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1 comment:

  1. Very good points! I used to work in retail, and we did pull off all the price tags and mark up a lot of things prior to the liquidation sale.

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