First of all, I'm just surprised a HF is actually closing. I agree with what RKA stated, above - that is USUALLY the case, but not always. Regardless, even if HF is closing its own store and not outsourcing to a third party liquidation company, I agree that a lot of the "deals" in store closings are no deals at all. In fact, not only do they pull the "raise the price" and then discount it back, or claim % off "as high as," and almost nothing you want is the highest % off, liquidation stores also have a habit of shipping stuff from other stores that isn't selling in an attempt to unload it at a store closing.
The above said, one thing I'd look out for is discounts on stuff that are excluded in coupons -- so, check the HF 20% coupons and look for all the stuff that's excluded. Any discount on those items that are greater than 20% (because they do still go on sale, even if coupon isn't applicable) may be worth consideration. Take a US General rolling tool chest, for ex -- they're likely to go early, but if you can managed to hang on until they hit at least 30% off, then you might pick up a bargain.