To rename Sold Out text in Squarespace, you can follow these.
#1. On the left screen of edit mode, you choose Selling and then choose Selling Tools.
#2. Next, scroll down a bit and choose Product Status.
#3. Next, you choose Out of Stock.
#4. Next, change the text you want, and then click Save.
#5. You rename the Sold Out text successfully like below.