Bargain hunters beware of liquidation sales

Liquidation signs are popping up in retail windows around the country. National retailer Circuit City announced they are going out of business, but bargain hunters beware.

With national chains like KB Toys, Linen’s n Things, and Merv’s going out of business, consumers are not running to the register. But in a tough economy, those in the market for a specific item visit store liquidations on a bargain hunt.

“Not unless I really need something. Then I think it’s a great opportunity to try and see if maybe there’s a good price on it,” said shopper Mel Feeley.

Consumers need to be leery of deals too good to be true. North Carolina Attorney General, Roy Cooper said, “During these tough economic times, consumers really want to make sure they get what they pay for… my office stands ready to try to help customers when a business shuts it’s doors.”

The North Carolina Consumer Protection Agency issued liquidation tips for shoppers.

Liquidation doesn’t mean the lowest price, so comparison shop first. Check to make sure the store has a going out of business permit with the local government. Also, you want to make sure you know the payment and return policies.

During liquidation sales, warranty and return policies can be confusing. Circuit City outlined the procedures for their closeout sale. All sales on, or after, January 17th are final and there are no exchanges. Assurant Solutions will honor all extended warranties and gift cards will be accepted for all liquidation sales. After that, the cards will have no value, so cash in before it’s too late.

All returns at Circuit City must be completed in the next 2 days. If you have experienced a problem with a business shutting down or liquidation sale, file a complaint by calling the Attorney General’s Office, at 877-5-NO-SCAM.