1. the removal or disposal of unwanted items, especially from a room, building, or business
Usage: British English; often used in retail and household contexts
2. a sale in which a business sells off remaining stock at reduced prices
Usage: British English; commercial context

Examples

• We did a clearout of the garage and donated old furniture to charity.
• The store announced a clearout of winter clothing at half price.
• After moving, she had a major clearout of items she no longer needed.
• The company's clearout of excess inventory helped reduce storage costs.
• I found some old books during the bedroom clearout.
• The shop's clearout sale attracted many bargain hunters.