746.01 DEFINITIONS AND INTENT.
(a) A sale or offering for sale to the highest bidder of any gold, silver, plated ware, precious stones, watches, clocks, jewelry or like merchandise, in any building, or in any of the streets or alleys, or in any other public place, where any and all persons who choose are permitted to attend and offer bids, shall be deemed to constitute a public auction within the meaning of this chapter.
(b) A "going-out-of-business sale" of or in respect to a jewelry store or establishment, wholesale or retail, whereby any of the merchandise listed in subsection (a) hereof is offered for sale to the public or to the ultimate consumer, shall, within the meaning, requirements and provisions of this chapter, and wherever used in this chapter, include any sale or announcement, advertisement or offering for sale termed, described or referred to directly or indirectly, in form or in substance, as "removal", "loss", "termination, loss or expiration of lease", "closing out", "liquidation creditors", "damaged goods", "forced sale", "distressed stock", or by any other terms which shall reasonably lead the public to believe that the owner or offeror of such merchandise either by choice or necessity will no longer continue to engage in such business or that such sale is other than the usual and ordinary course of business.
(c) By the words "stock on hand", as herein used, is meant such gold, silver, plated ware, precious stones, watches, clocks or jewelry which a merchant usually and ordinarily carries through the year, and does not include gold, silver, plated ware, precious stones, watches, clocks, jewelry or like merchandise, purchased or otherwise acquired especially and purposely for sales at public auction or for a going-out-of-business sale.
(d) It is hereby declared the legislative intent that jewelry auction sales or going-out-of business sales, as herein defined, shall be held only to liquidate estates, businesses and to avoid bankruptcy or the like, and shall not be permitted as an established merchandising practice.
(Ord. 57049. Passed 7-16-53.)