1. a sale of goods at reduced prices to clear out inventory
Usage: business
2. the final phase or completion of something
Usage: business; project management

Examples

• The store is having a closeout on winter coats.
• All items are 50% off during the closeout sale.
• We bought furniture at the closeout when the store was closing.
• The project closeout meeting is scheduled for next Friday.
• During closeout, we need to finalize all documentation.
• The closeout phase includes evaluating the project’s success.