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What is a closeout?

What is a closeout? Here are some definitions.

Noun
  1. (surfing) A wave which breaks all at once, as opposed to breaking progressively along its length.
  2. (retail) A sale in which all merchandise is sold, at whatever reduced price is necessary
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Examples
Only Oracle offers a complete solution to run your key operations, from initial project identification through contract closeout.
Our audit found these same issues applied to the closeout of project files and the release of final holdbacks.
The Spurs won't be an easy closeout for the Grizzlies, who are looking for their first playoff series victory.
The supplier accounts mainly include invoices for the space buying media that have not yet been paid as of the closeout.
The last day was grim, with a succession of closeout sales clearing out all but the most shunned of merchandise.
The Internet also makes him aware of closeout items where his clients can get great prices on products or brands that might usually be out of their price range.

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