Plato's Closet

Founded: 1998 Franchising since: 1999
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.

Address: 605 Hwy. 109 N., # 400 Minneapolis, Minnesota 55441

Phone: (800)592-8049/ (763)520-8581

Franchisor has 100 employee(s); 5 employee(s) in franchise department.

Franchise Units

Year	U.S. Franchises	Canadian Franchises	Foreign Franchises	Company Owned
2009	246	1	0	0
2008	225	1	0	0
2007	208	1	0	0
2006	171	0	0	0

Where Seeking Franchisees
Nationwide
Outside the U.S.: Canada

Exclusive territories available.
Territory size: 5-mile radius

Total investment: $176,600 - $328,850
Franchise fee: $25,000
Ongoing royalty fee: 5%
Term of agreement: 10 years, renewable


Type of Financing Available

	In-House	Third Party
Franchise Fee	No	No
Startup Costs	No	No
Equipment	No	No
Inventory	No	No
Accounts Receivable	No	No
Payroll	No	No

Qualifications
Net worth requirement: $200,000
Cash liquidity requirement: $52,980 - $98,900
Business Experience:

• General business experience
• Marketing skills

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)

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

Franchise 500® rank:
#153 (2010); #151 (2009); #150 (2008); #150 (2007); #165 (2006);

Fastest-Growing Franchises:
#102 (2010);

America's Top Global Franchises:
#121 (2010); #118 (2009); #120 (2008); #114 (2007);