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Hi

A few days later Patrick and I received a call from an old colleague of Patrick's who worked in the gift business. He called to say that a toy company he worked for was selling its Christmas floor samples and there was a beautiful life-size clown for sale for $50. It retailed for over $500 and was a bargain.

--- What does it mean that he "worked in the gift business"? Does it mean he was dealing in gifts?

--- I understand that a "toy company" is a company manufacturing toys and seeling them to shops?
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From the rest of the context, it sounds like he is working in a toy store.

From the context, the "toy company" is a retailer.
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Hi

So in your view Patrick's colleague worked in a toy store?

Don't you think that the "toy company" is the company which supplies toys to his store and which owns this store and that's why the texts says that he "worked for this company"?
By the way: Do you think it's possible that a retailer sells floor samples? I think such things are sold only by wholesale stores, but I may be wrong.
I could be wrong, but it looks like a retailer to me. Floor models are required to be sold here by retailers when the stock is out.
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