Term isn't used much. More from my grandmother's day, I guess.
Used to have a supermarket that had a section of "less than perfect" produce all the time. Never anything ROTTEN, just not picture perfect anymore. Bought a 5 lb bag of ORGANIC apples... with very few bumps and bruises, for next to NOTHING... made some great apple sauce from them. Another time, came home with at least a dozen artichokes for dirt cheap. Only negative about them were tips of leaves... which you don't EAT anyway?!? Unfortunately, that market went outta business... miss bargain shopping.
Another market has a big rack of bakery items that are "day old". When I know I'm running low on bread crumbs, will buy a few loaves of high end "artisnal" bread with yesterday's "best-by" date... for maybe 25% of original price. WIll slice/chunk up and let dry... then grind for crumbs.
Another market will discount beef/pork/chicken from $2 to 50% off with 2-3 days left BEFORE sell-by date. Great for stockiing up on stuff... repackaged and vac sealed in freezer.
Do you buy "seconds" at supermarket?