Rank no.100 – Plato’s Closet – US

Rank no.100 – Plato’s Closet – US


Rank no.100 – Plato’s Closet – US

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Products & Services: Clothing-resale store for teens & young adults

Number of Locations: 376

Total Investment: $230.69K – 389.39K

Founded: 1998

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.

Franchise Units

YEAR U.S. CANADIAN INTERNATIONAL COMPANY OWNED
2013 370 6 0 0
2012 337 4 0 0
2011 308 3 0 0
2010 285 2 0 0
2009 246 1 0 0
Where Seeking Franchisees: Franchisor is seeking new franchise units throughout the U.S. and Canada.

Startup Costs, Ongoing Fees and Financing

Total Investment: $230,700 – $389,400
Franchise Fee: $25,000
Ongoing Royalty Fee: 5%
Term of Franchise Agreement: 10 years, renewable
FINANCIAL REQUIREMENTS

Net Worth: $200,000
Liquid Cash Available: $69,210 – $116,820

OPERATIONS

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

Training: Available at headquarters: 2 weeks.
Ongoing Support: Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives
Marketing Support: Co-op advertising,

Franchise Ranking History

Franchise 500®: #100 (2013), #97 (2012), #102 (2011), #153 (2010), #151 (2009),
Fastest-Growing: #81 (2013), #82 (2012), #52 (2011), #102 (2010),
America’s Top Global: #104 (2013), #80 (2012), #87 (2011), #121 (2010), #118 (2009),

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!