To begin the process login to the admin portal and select the Products link from the menu. 

Note: This menu item will only appear when you have the online payments setup as detailed here.

On the Product dashboard a list of existing products for sale and no longer available are displayed. 

Select the Remove link to disable the product so it no longer appears for sale.
Note: The product will still exist on the system and can be activated again at any stage.
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Select the Make Active link to make a product live again.