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Plato's Closet

2014 Franchise 500
#115
At a Glance

Products & Services: Teen- and young-adult-clothing resale store

Number of Locations: 397

Total Investment: $230.7K - $389.4K

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
2014 387 10 0 0
2013 370 6 0 0
2012 337 4 0 0
2011 308 3 0 0
2010 285 2 0 0
Where Seeking Franchisees: Franchisor is seeking new franchise units throughout the U.S. and Canada.
Direct Capital

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: $250,000
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®: #115 (2014), #100 (2013), #97 (2012), #102 (2011), #153 (2010),
Fastest-Growing: #81 (2014), #81 (2013), #82 (2012), #52 (2011), #102 (2010),
America's Top Global: #104 (2013), #80 (2012), #87 (2011), #121 (2010),