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Simple English definitions for legal terms
fire sale
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A quick definition of fire sale:
A fire sale is when things are sold quickly and cheaply, usually because of an emergency like a fire or flood. It can also happen when a store needs to get rid of things quickly. The items might be damaged or not in perfect condition, but they are sold at a lower price than usual. Sometimes fire sales are regulated to make sure people aren't tricked into buying things that are not worth the price.A more thorough explanation:
Definition: A sale of merchandise at reduced prices because of fire or water damage. Any sale at greatly reduced prices, especially due to an emergency.
Examples:
- A store that has suffered fire or water damage may have a fire sale to get rid of the damaged goods at a reduced price.
- A business that is going bankrupt may have a fire sale to sell off its inventory quickly and at a lower price to pay off its debts.
These examples illustrate how a fire sale is a type of sale that happens when there is an emergency or a need to get rid of inventory quickly. The prices are usually lower than usual to attract buyers and generate revenue quickly.