It may be a factory second.  It may have the size tag cut in half to discourage retail sales.

It HAS been sitting open in a warehouse for awhile. Item may be wrinkled from storage.

Any obvious flaws, I will point out.  Give as a gift...probably not.  If your looking for a pristine shirt with tags, please do not buy.  Some of the items are returns and have left the store, you might consider these items "like new" used.  If you can't understand what deadstock is simply consider all deadstock as "used" and leave it at that.  Returns are simply too costly just re-tag and sale at retail.   That is why they are here to liquidate.