Plato's Closet
#97 Franchise 500| Teen- and young-adult-clothing resale stores

About
Founded

1998

Franchising Since

1999 (19 Years)

Corporate Address

605 Hwy. 169 N., #400
Minneapolis, MN 55441

CEO

Brett Heffes

Parent Company

Winmark Corp.

Ticker Symbol

WINA

Financial Requirements
Initial Investment

$255,000 - $400,900

Net-worth Requirement

$250,000

Liquid Cash Requirement

$75,000

Ongoing Fees
Initial Franchise Fee

$25,000 - $25,000

Ongoing Royalty Fee

5%

Financing Options

Plato's Closet has relationships with third-party sources which offer financing to cover the following: 
franchise fee, startup costs, equipment, inventory

Support Options
Ongoing Support

Purchasing Co-ops

Newsletter

Meetings/Conventions

Toll-Free Line

Grand Opening

Online Support

Security/Safety Procedures

Field Operations

Site Selection

Proprietary Software

Franchisee Intranet Platform

Marketing Support

Co-op Advertising

Ad Templates

National Media

Regional Advertising

Social media

SEO

Website development

Email marketing

Loyalty program/app

On-The-Job Training:

30 hours

Classroom Training:

48 hours

Number of Employees Required to Run:

3 - 5

Plato's Closet is ranked #97 in the Franchise 500!
Bio
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.

Cost
Initial Investment: Low - $255,000 High - $400,900
Units
+1.7%+8 UNITS (1 Year) +15.7%+64 UNITS (3 Years)

Units (Locations)

Where Seeking Franchisees:

Franchisor is seeking new franchise units throughout the U.S. and in the following regions/states: Canada
Franchise Financing
Using 401(K)/IRA Funds
  • Tax Penalty-Free
  • Debt Free
  • Expert Guidance
Learn More

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Disclaimer

The Franchise 500 is not intended to endorse, advertise, or recommend any particular franchise. It is solely a research tool you can use to compare franchise operations. Entrepreneur stresses that you should always conduct your own independent investigation before investing money in a franchise.
Updated: July 27th, 2018
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