No person in the business of the retail sale of goods, wares or merchandise shall sell, offer for sale or announce or advertise for sale, the goods, wares or merchandise when the sale is described or referred to, either directly or indirectly, in form or in substance, as a going out of business, removal, loss, termination, loss or expiration of lease, closing out, liquidation, creditors', damaged goods, forced sale or distressed stock sale, or by any other term which reasonably leads the public to believe that the owner or offerer of the goods, wares or merchandise, either by choice or necessity, will no longer engage in business, without first obtaining a license as provided in this chapter.
(1984 Sec. 116.20)