No person, firm or corporation shall advertise or conduct any sale of goods, wares or merchandise at retail in the City, when the sale is represented as a bankrupt, insolvent, assignee's, adjuster's, trustees', executor's, administrator's, receiver's, wholesaler's, jobber's, manufacturer's, closing-out, liquidating, closing-stock, fire or water damage sale, or any other sale which is by representation or advertisement intended to lead the public to believe that the person, firm or corporation conducting the sale is selling out or closing out the goods, wares or merchandise of any business for less than the current or going retail price thereof in the City, without filing with the City Manager the inventory herein provided for and obtaining a closing-out sale license.
(1980 Code 111.25)