The Crestfallen Merchant is found in Sen's Fortress. He was a Berenike Knight who tried to overcome Sen's Fortress alone, citing his motivation as "conceit" and it is therefore likely that he took it upon himself to end the curse of the Undead. He points out to the player character that they are both on the "brink" implying he is close to going hollow. If spoken to, he will explain that he acquires his stock by stripping it off the corpses of undead such as the player character saying "It isn't easy. I have to catch them just before they go Hollow."