Arcadia Municipal Code Div. 3 Closing Out Sales

No person shall advertise or conduct any sale of goods, wares or merchandise, at retail, that is represented as a bankrupt, insolvent, assignee, adjusters, trustees, executors, administrators, receivers, wholesalers, jobbers, manufacturers, closing out, liquidation, closing stock, fire or water damage sale, or any other sale which is by representation or advertisement intended to lead the public to believe that the person conducting such sale is selling out or closing out the goods, wares or merchandise of any business for less than the current or going retail price thereof in the City, without first filing with the License Officer the inventory hereinafter provided for and obtaining from him a license to do so, to be known as a "Closing Out Sale License."

The inventory required by Section 6423 shall contain a complete and accurate list of the stock of goods, wares and merchandise to be sold at such sale for which a license is hereby required, together with the wholesale price thereof, which inventory or list shall be signed by the person seeking the license or by a resident agent thereunto authorized, and by affidavit at the foot thereof he or such agent shall swear or affirm that the information therein given is full and true and known by him or such agent to be so.

No person shall sell, offer or expose for sale at any such sale or list on such inventory any goods, wares or merchandise which are not the regular stock of the store or other place the business of which is to be closed out by such sale, or make any replenishments or additions to such stock for the purposes of such sale or during the time thereof, or fail, neglect or refuse to keep accurate records of the articles or things sold, from which records the License Officer may ascertain the kind and quantity of goods sold.

The provisions of this Division shall not apply to a bona fide closing out sale of merchandise by a person who has conducted said business for a period of one year immediately preceding such sale.