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Any remaining printed copies would be pulped if the publisher's rights expire. That would be rare because:
1) Publishers are cautious on print run size. They'll do multiple print runs.
2) Books might get pulped inside a year if not selling in months and remaindered copies are not bought. Storage costs money.
3) Some retailers might have a window to return unsold books, but otherwise they are deemed sold and author gets a royalty. These can be sold as old stock even when the rights revert. Some retailers only have to tear off and return the cover as proof of no-sale. Similarly newspapers the retailer will return the banner with the date if they only pay for sales.
Obviously with ebooks there is no such thing as retailer old stock. If rights are lost/reverted the ebook has to be removed from sale immediately.
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