You can cancel bids and end auction early, revise it and re-list. IF it sells, you will get your listing fees back. Go to "help", type in "end auction early" and follow from there.
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When you block a person, they can no longer invite you to a private message or post to your profile wall. Replies and comments they make will be collapsed/hidden by default. Finally, you'll never receive email notifications about content they create or likes they designate for your content.
Note: if you proceed, you will no longer be following .