Sears does that regularly, but it is returnable if it breaks. Normally they do test to make sure that the item still works, as it should, and basicly it is sold at a discount as an open box item. I actually look for the clearance items, I have saved $thousands over the years, over the brand new in box. ie: in the last year, we bought a $999 JVC TV for $499, a $1599 Maytag frig for $799, and a $599 JVC Home Theater System for $275. Just to name a few.
Still you have to check out what you buy, and make sure they will take it back if it has a problem.