#97
At a Glance
Products & Services: Clothing resale store for teens & young adults
Number of Locations: 311
Total Investment: $197.7K - 376.3K
Founded: 1998
Began Franchising: 1999
Public Owned WINA
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, and Play It Again Sports.
Franchise Units
| Year | U.S. | Canadian | International | Company Owned |
| 2011 | 308 | 3 | 0 | 0 |
| 2010 | 285 | 2 | 0 | 0 |
| 2009 | 246 | 1 | 0 | 0 |
| 2008 | 225 | 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: $197,700 - $376,300
Franchise Fee: $25,000
Ongoing Royalty Fee: 5%
Term of Franchise Agreement: 10 years, renewable
Franchise Fee: $25,000
Ongoing Royalty Fee: 5%
Term of Franchise Agreement: 10 years, renewable
Financial Requirements
Net Worth: $200,000
Liquid Cash Available: $59,310 - $112,890
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: Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives,
Marketing Support: Co-op advertising, Ad slicks,