Closeout

noun

1. 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 https//web.archive.org/web/20051223005322/http://www.transworldsurf.com/surf/howto/article/0,,595802,00.html"

2. (retail) A sale in which all merchandise is sold, at whatever reduced price is necessary