Meaning of the word "closeout sale" in English

What does "closeout sale" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

closeout sale

US /ˈkloʊˌaʊt seɪl/
UK /ˈkləʊˌaʊt seɪl/

Noun

a sale of goods at reduced prices to clear out old stock or because a business is closing

Example:
The department store announced a massive closeout sale to make way for new inventory.
We got some great deals at the furniture store's closeout sale before they shut down.