Closing out sales shall be subject to the following restrictions and prohibitions:
A. A closing out sale shall not be conducted at the same location by any person who, as owner or successor in interest, except by operation of law, has in any way, either directly or indirectly, conducted a similar sale in the city within a period of one year immediately preceding the date of the proposed sale.
B. An applicant shall not be eligible for a closing out sale permit unless the applicant has been in business at the same location for a period of time in excess of ninety (90) days prior to filing the application.
C. The closing out sale permit authorizes only the type of sale described in the application at the location named in such application and authorizes only the sale of goods described in the inventory attached to the application. No additions of stock shall be permitted.
D. A closing out sale shall be incidental to the termination of a legitimate business, and is not permissible for a business which was established for the purpose of conducting such closing out sale.
E. All goods, wares, and merchandise to be sold in the closing out sale shall have been purchased by the applicant for resale on bona fide orders without cancellation privileges and shall not comprise goods purchased on consignment.
F. Goods, wares, and merchandise to be sold in the closing out sale shall not include goods ordered in contemplation of conducting such a sale. Any unusual purchase or addition to the stock of goods of the business within the period of thirty (30) days before the filing of an application for a closing out sale permit and up to the time of the sale shall be deemed to be of such character.
G. Where a permittee operates more than one place of business, the permit issued shall apply only to the one store or branch specified in the application, and no store or branch shall advertise or represent that it is cooperating with, or in any way participating in, such sale; nor shall the store or branch conducting such sale advertise or represent that any other store or branch is cooperating with, or participating in any way, in such sale.
H. The conduct on any closing out sale shall be prohibited during the hours from nine thirty o'clock (9:30) P.M. until eight o'clock (8:00) A.M. the next succeeding day. (1962 Code § 6-5.01 et seq.)