You cannot delete a product, but you can archive it.
An archived product will not appear in your product list and on your sales interface.
To archive a product you can :
To restore an archived product, make and advanced search on your product database with the criterion 'Include archived items'.
Then click on the product you want to restore and untick the 'Archive' box in its product form.
You can import a list of products to archive in 'Products/Product settings/Import-export'.
Go to the 'Upload data: Archive' section and follow instructions.