Definition from Wiktionary, the free dictionary
closeout (plural closeouts)
- (surfing) A wave which breaks all at once, as opposed to breaking progressively along its length.
- Dealing with closeouts is something every surfer should learn – especially if you live and surf in California. — Chris Cote, Transworld Surf 
- (retail) A sale in which all merchandise is sold, at whatever reduced price is necessary
- close out, verb
retail: sale in which all merchandise is sold