Rank no.100 – Plato’s Closet – US
Products & Services: Clothing-resale store for teens & young adults
Number of Locations: 376
Total Investment: $230.69K – 389.39K
Began Franchising: 1999
About Plato’s Closet
Since 1998, Plato’s Closet locations have sold the latest in gently used, name-brand teen fashions. Stores in the chain only buy current fashions that are in good condition. Plato’s Closet also sells used accessories, books, CDs, games, picture frames and other items.
Plato’s Closet is owned by Winmark (formerly Grow Biz), which also franchises Music Go Round, Once Upon A Child, Style Encore and Play It Again Sports.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $25,000
Ongoing Royalty Fee: 5%
Term of Franchise Agreement: 10 years, renewable
Net Worth: $200,000
Liquid Cash Available: $69,210 – $116,820
25% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 3 – 5. Absentee ownership of franchise is NOT allowed. (95% of current franchisees are owner/operators).
How This Franchise Supports Franchisees
Franchise Ranking History
At Plato’s Closet we buy and sell gently used clothes, shoes and accessories for teens and twenty somethings. We have all the hottest name brands and styles that you see at the malls at up to 70% less than the mall prices. We look for brands such as american eagle, bke, forever 21, hollister, polo, miss me and many many more…
Short on cash? Well…we pay CA$H on the spot for your gently used spring, summer, fall and winter clothes that are in style and in great condition. We buy all seasons of clothes… all the time… every single day of the year!