CLOSEOUTS LOTS INC is your place for pallets, lots and truckloads of quality Closeouts and Surplus Merchandise. We stock hundreds of pallets with various mixtures of products in order to supply our clientele and their ever-growing demand for discount and closeout goods.
Over the years we have greatly expanded the variety of our product lines. Today, we deal with over 25 major Department Stores and Catalog Companies in the United States. We have deal with these companies for years and have molded a strong and fortified relationship with them to be able to offer our clients the best price available on Closeouts, Surplus Merchandise, Department Store Returns and Liquidated Goods.
CLOSEOUTS LOTS INC offers many complimentary services to our clients. We offer direct point to point shipping for your transportation and logistics needs. This service is one of the great benefits of our relationship with you and your company. Let us take care of all the hard work in shipping your Closeouts Merchandise domestically throughout the USA and also in exporting them around the world.
Throughout the years, our clients have asked us many questions about the terminology of the Closeouts and Salvage Merchandise industry. We would like to share with you several of these terms:
Closeouts (also Liquidation):
Closeouts are generally considered to be excess from a previous season`s production and are the result of changes in color, design, and fabric or missed deliveries. Closeouts by definition should all be first quality. Name-brand companies are left with billions of dollars in excess inventory each year and are forced to sell their excess inventory for several reasons: Products must be removed from shelves to make room for newer models; a change in financial circumstances or strategy may result in canceled orders; manufacturers may be downsizing or moving facilities; companies may need to reduce inventories for accounting reasons. As a result, the companies are forced to sell this first-quality inventory quickly and below their cost.
Overrun (also Overstock):
Overruns are over production from specific cuttings or orders and are generally the result of the order not matching the amount of material needed. The amount of cloth needed to produce 30 shirts may actually be enough to produce 45 shirts and therefore we have a 15 shirt overrun.
Department Store Returns (also Salvage Merchandise):
Customer returns include an extensive range of merchandise including products actually purchased and then returned by customers, in store damages, marked out of stock products and case packs that have been opened. Most of these products are sold by the truckload from various points around the country. The products are either sold as a percentage of the cost of retail or by the pallet. The store returns are less than perfect merchandise. The merchandise may be slightly damaged, missing a piece, discolored, or be in a damaged box.
On the other hand you usually get a large amount of products that are like new. A small percentage of the merchandise may have to be discarded. You are generally paying between 8-12% of the retail price. Even with a small throw away percentage and with some of the merchandise slightly imperfect, it turns out that you usually double or triple your money. Yes, there will be the occasional sour lemon, but if you continue to purchase the merchandise on a regular basis, you will see that it is worth your while.
Any inventory, merchandise, or equipment that can no longer be sold at the regular retail or wholesale price, but still possesses value. Surplus is generally caused by discontinuations, overruns, closeouts or overstock. Most businesses have a need to liquidate 2-5% of their products as surplus.F.O.B.:
This stands for Freight on Board. Basically, it is the location where the merchandise is being shipped from. This is where we will send the truck to pick up your merchandise.
We have also been asked many questions regarding the Closeouts Merchandise that we offer our clients. Here are just a few of those questions:
Why would a company purchase Closeouts?
The off price industry accounts for hundreds of millions of dollars a year in retail sales. Discount retailers, swappers (flea market vendors), auctioneers, exporters, wholesalers and many other companies purchase these products. Closeouts are usually purchased at a substantial discount to first quality in line production. These discounts can be from 15% to 80% off first quality prices. These discounts are usually passed on to the consumer and afford a merchant the opportunity to promote a product at a discount to the market.
What types of payment do you accept?
We accept Money Orders, Cashiers` Checks and Bank Wire Transfers. Bank Wire information will be attached to your invoice.
What types of shipping methods do you use?
We ship by major trucking lines, railroad and by ship for Export, Alaska and Hawaii. We find that shipping bulk merchandise within the Continental US through major truckling lines is the most time and cost effective.
How long after I place my order will it ship?
We usually ship within 48 hours or less when the merchandise is F.O.B. our warehouse, however, somtimes due to the volume of orders we receive we may be running behind, but we will get your order processed as soon as possible. When placing an order for a truckload or lot directly from the Department Store facility, it takes approximately 5-7 business days for you to receive your load. We must set up an appointment with the facility to have the merchandise brought to the dock and have the trucking company there at the specified time to pick up the load. Our Sales Representative will remain in close contact with you while the merchandise is in route. You will get a call from the trucking company approximately 24 hours before the merchandise arrives for you to meet the truck.
How much will my shipping cost?
Shipping cost is based upon the weight, class and amount of pallets of the shipment (for example: 3 pallets/900 lbs./General Merchandise Class). We only charge you what the shipping carrier charges us, we do not charge a handling fee. We receive up to a 60% discount from most freight companies, which we transfer to you for additional savings.
Do you have a catalog?
No,we do not have a regular catalog, however,we can fax or email you a copy of our latest inventory listings. Our inventory changes on a daily basis and we would never be able to keep a proper catalog updated. Our product list has a detailed explanation of the merchandise, shipping location, pricing information and any other relevant information that you may need to know about the merchandise. If you ever have any questions, please feel free to contact us for clarification.
How does Exporting Merchandise work?
We have several Export companies that we work with when exporting merchandise around the world. They are there to assist you with Port to Port shipping, Point to Point shipping, customs and other important Export shipping aspects. Also, please visit our Export page for more information.