The outlet is your physical store where you are going to sell your products. There are no restrictions to how many outlets you can set up.
It is important to be as detailed as you can when setting up your outlet as this information is printed and displayed and printed on your receipt.
To delete an outlet, simply check the box of the outlet and click on Delete in the Bulk Actions menu. If the checkbox is disabled, this means that the outlet is currently assigned to a register. You will have to either assign the register to a different outlet or delete the register completely.
You can see a count of the number of registers assigned to the outlet on the far right of the table.