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Pancho's Giveaway was a reference to a non-existent store that so called "poor" kids at school were said to shop at. If you wore rags, tattered clothes, or no namebrand clothes, you were made fun of and news would spread quickly that you indeed, shopped at Pancho's Giveaway!

See: poncho's give-away
You're so poor you bought your clothes at Pancho's Giveaway!

Nice clothes, did Pancho's Giveaway have a sale today?

Where does mom buy you're clothes? Pancho's Giveaway?
by Morales, Jacob May 06, 2008
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