When working with wholesale items there are different terms and definitions used to describe the conditions of products. Below are the terms usually used in the liquidation industry, and their definitions. Please click on each term for a more detailed definition. Overstock – new merchandise which was never exposed for sale in a retail store. Usually comes in original packaging. Closeouts and Shelf Pulls – goods in new condition that have been displayed for sale in a store showroom or online but were never purchased by a customer. Most items would have their original tags. Irregulars – new goods that are being discarded or liquidated as a result of improper or minimal defective manufacturing. Customer Returns – items that were once purchased from a store (or online store) but then were returned back to the store. Some items in customer returns condition may have imperfections and items in this condition usually do not have price tags. Pre-Worn – merchandise with signs that have been previously used or worn. Typically there are no retail tags or store markings on these items.