Definition of the word fire sale

The phrase "fire sale" is often used to describe a situation where goods are sold at extremely low prices due to a financial crisis or other urgent need for quick cash. The term has its origins in the late 19th century when stores often had indoor heating systems powered by coal or oil. In the event of a fire breaking out in such stores, the owners were forced to quickly dispose of all their merchandise to mitigate losses. They would often sell everything at dirt-cheap prices to recover some of their losses. The term "fire sale" came into use to describe these hurried and dramatic sales driven by the urgent need to get rid of products before they were destroyed by the fire. Over time, the phrase "fire sale" has evolved to refer to any situation in which goods are being sold at highly discounted prices, typically due to circumstances of distress or urgency, such as bankruptcy, liquidation, or clearance of overstocked items.