Beware of sales at places that say they’re going out of business
Experts have a warning about what might seem like bargains being offered at a favorite store or restaurant that is going out of business. They say what looks to be a great deal could be costly.
The nationwide shutdown that started at the beginning of the pandemic has hit a lot of businesses hard. The Federal Reserve System estimates an additional 200,000 establishments will permanently close down.
That means a lot of sales are everywhere, including in Southwest Florida. Shoppers need to beware, as the deals at those stores might not be as good as you think.
“As a shopper, if you’re looking for a great deal on a product, and you see these going out of business signs, it’s important to shop these products and compare prices,” said Bryan Oglesby with Better Business Bureau. “Because not all companies will have great prices just because there’s a going out of business sale happening.”
BBB says stores should not be continuously saying they are “going out of business.” If they do, watch out:
- Verify the warranty is valid (and where to go if they are out of business)
- Return policy
- Use a credit card (not a debit card or cash)
- Don’t rush to buy
- Check company out on BBB
Another trick: Companies hire third party liquidators. These companies use “creative” marketing to make you think you are getting a great deal. Often, you are not and might be paying a higher price.
- BBB Tip: Avoid bogus bargains at going out of business sales
- BBB Tip: What to do when a business closes… for good
- “Going out of business” sales: Are the deals real?
- Better Business Bureau Scam Tracker