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

About
Founded

1998

Franchising Since

1999 (20 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

$251,700 - $390,700

Net-worth Requirement

$400,000

Liquid Cash Requirement

$90,000 - $105,000

Ongoing Fees
Initial Franchise Fee

$25,000 - $25,000

Ongoing Royalty Fee

5%

Ad Royalty Fee

$1k/yr.

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 #187 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 - $251,700 High - $390,700
Units
+1.5%+7 UNITS (1 Year) +9.1%+40 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

Franchise Articles

Papa John's Ex-CEO Says He Ate More Than 40 Pizzas in 30 Days and That 'The Day of Reckoning Will Come'

Papa John's founder and former CEO John Schnatter slammed the pizza chain he founded in an interview with local news.

How This NFL Wide Receiver Catches the Opportunities That Come His Way

Marvin Jones Jr., wide receiver for the Detroit Lions, shares the lessons he's learned about investing in his community.

Why Franchises Are Funding Their Employees' Education

Here's a hint: It's really good for business.

The Hottest Franchise Categories of 2020

Get to know 347 franchises in trend-topping industries that will continue to boom next year (and likely beyond).

5 Things You Need to Know Before Investing in a Chick-fil-A Franchise

First of all, you shouldn't think of getting a Chick-fil-A franchise as "investing."

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: October 1st, 2019