KB Toys are the latest in a string of retailers facing closures. Last Thursday, for the second time in its’ history KBToys filed for Chapter 11 Bankruptcy and plans to close all of its stores. First of all, it’s a sad state of affairs to see retailers going down, this means job losses as well as revenue losses for local and state governments. Having said that, with so many stores going out-of-business, how do savvy shoppers shop these stores?

1. For the largest selection, shop early. Deeper price cuts mean less inventory to select from. Besides selection, quality diminishes as time goes on. However, have some idea of the original prices of the merchandise to ascertain a deal. If a professional liquidator comes in, items on clearance prior to the closing sale, may be returned to full retail price and then discounted by 30%-40%.

2. Check return policy. Even if store is facing Chapter 11 and closing, some will accept returns within a limited period.

3. Some of the best deals are found in buying display items. Usually these items even in a store not facing closure are discounted by 30% when a new model comes in. To insure that you don’t get stuck with an item of electronics that fails soon after purchase, make sure that even if you buy it without a box, you get a warranty card to fill out with your purchase.

4. Make your purchases using a credit card. Your credit card will provide some protection to recover your money should the item fail. Additionally, some credit cards will sell you extended warranties.

5. Stumped for gift ideas, don’t buy a gift card from a store going out of business, opt out to buy a bank gift card. A bank card will allow recipient to use it at the store closing and other stores as well. However, be sure to check to see if there are additional fees or expiration dates associated with the bank card versions of MasterCard, Visa, American Express, etc.