the closeout stores had been known throughout new england for selling an eclectic assortment of items at drastically discounted prices, as well as self-effacing advertising that made fun of the founder, jerry ellis. many of the items were factory irregulars, discontinued models, post-expiration-date, damaged, or less than perfect in some other way, but some new merchandise was offered as well. the stores capitalized on the quick cash flow needs of other businesses, obtaining most of their merchandise from fire sales, overstocks, customs seizures, liquidations, and bankruptcy courts.