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We have multiple obsolete warehouses in AX2009 with no balance on hand but showing values for Financial cost amount and Cost price. Do these values need to be cleaned up prior to deleting the warehouse/locations?
Have you run inventory close? In addition, you can block locations/warehouse, don't think you will be able to delete from UI.
If memory serves me you can delete the warehouse in 09 as soon as all on-hand values have been fully zeroed out. As Satish pointed out if you still have a balance you need to do an inventory close (perhaps a recalculation) to clear this up.
ETA: Also make sure all transactions are closed. If you have anything in delivered status (shipped not invoiced, un-ended production) these will leave financial open without removing the financial portion.
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