At a Glance
Products & Services: Teen- and young-adult-clothing resale store
Number of Locations: 376
Total Investment: $230.7K - $389.4K
Began Franchising: 1999
About Plato's ClosetSince 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
Operations25% 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).
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