I think closeout means they are not re-ordering or carrying that item once sold out.
My guess is you definitely can return the close out item, within the return guidelines.
@Fonlisoo thanks for the questions! @Philreedshikes is right - closeout items are ones we will no longer carry (once we've sold through our current inventory) and are covered by our 100% satisfaction guarantee and 1 year return policy. In contrast, Used Gear has a 30 day return policy. Hope this helps!