Can a retail business's returns and warranty obligations follow it to a new owner?

They can, and often do, but whether they must depends again on how the sale is structured. In a share sale, the corporation that sold the original goods and made the original warranty or returns promises continues as the same legal entity, so those obligations generally continue with it under the new ownership. In an asset sale, obligations to honour past sales, returns, and manufacturer or store warranties don't automatically transfer to the buyer unless the purchase agreement specifically has the buyer assume them; without that, responsibility can remain with the selling entity, which may wind down after the sale and leave customers with nowhere to go.

Because customers generally expect the store to honour its own past promises regardless of who owns it now, a buyer sometimes chooses to honour outstanding returns and warranties voluntarily to protect the store's reputation and customer relationships, even where they aren't strictly required to by the deal's legal structure. This is a business decision as much as a legal one, and it affects how the purchase price and any related adjustments should be negotiated.

Deciding explicitly, in the purchase agreement, who is responsible for pre-sale returns and warranty claims avoids ambiguity and disputes once customers start showing up with old receipts.