From time to time we hear about going out of business sales. Some of them are very enticing, such as the one I just heard about at a kids furniture store in Torrance. I wrote about it on this page: http://alanbestbuys.com/id78.html

But before you run into any going out of business sale, here are some tips to keep in mind:

1. Do you really need what they're selling? Really, this is the number one issue. If they are selling stuff you don't need, why buy it?

2. Are these really going out of business discounted prices? I've been to going out of business sales where much of the merchandise was still priced at retail.

3. What if you need service after the store closes? If there isn't a manufacturer's warranty who do you go to if there is a problem with the electronics or major appliance for household item?

4. Would you be better off buying from another store that will be staying in business and might reward you for your loyalty later? Every purchase made can help build loyalty and a customer history so be selective about who gets your dollars.

5. What is the quality of the merchandise in the going out of business sale? Sometimes what's leftover and being liquidated is merchandise that has problems.