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Plato's Closet
Winmark Corporation loves recycling, but it's not collecting cans and paper. Winmark franchises retail chains that buy, sell, and consign used goods (and some new items) at more than 900 stores. The chains sell sports gear (Play It Again Sports); children's items (Once Upon A Child); teen apparel (Plato's Closet); and musical gear (Music Go Round). Most operations are in the U.S., but it does have stores in Canada. Business services and financing falls under the Wirth Business Credit banner. Another subsidiary, Winmark Capital, is in the equipment leasing business. Chairman and CEO John Morgan owns about 25% of Winmark Corp.
Plato's Closet jumps to the #23 spot in the Franchise AllStar ranking as value-conscious Americans and bargain-hunting teens continue to fuel sales. The number of resale stores in the U.S. increased by 7 percent, and for Plato's Closet, this expansion translated into a growth rank of #20; the company also had an impressive financial strength rank, coming in at #9.
Winmark, the parent of Plato's Closet, operates three other resale franchise concepts: Play It Again Sports, Once Upon A Child, and Music Go Round. Winmark ranked #11 in Forbes's list of the top small public companies in America.
While Plato's Closet does not offer direct financing, Winmark helps franchisees prepare their business plans to obtain financing. Plato's Closet is also listed on the SBA's Franchise Registry.
2011 AllStar Rank: 52
2010 AllStar Rank: 97
2009 AllStar Rank: 95
AllStar Franchise
Fast Facts
| Year established | 1998 |
| Franchising since | 1999 |
| Can be run from home? | No |
| Number of employees needed | 5 - 6 |
| Item 19 Financial Performance Representation? | No |
| Multiple units must be purchased in U.S. | No |
| Multiple units must be purchased outside U.S. | No |
| % of franchisees who own multiple units | 20-25 percent |
| Absentee ownership allowed? | No |
Franchise Unit Growth Rate
| Year | U.S. Franchises |
Non-U.S. Franchises |
Company-Owned Locations |
| 2012 | 341 | 4 | 0 |
| 2011 | 320 | 4 | 0 |
| 2010 | 298 | 3 | 0 |
Expanding in These Locations
| Total Investment | $197,700 - $376,300 |
| Franchise Fee | $25,000 |
| Royalty Fee | 5% |
| Net Worth | $200,000 |
| Liquid Capital | $59,310 - $112,890 |
| Does franchisor offer financing? | No |
| Is franchisor on the SBA's Franchise Registry? | Yes |
| Is franchisor a member of the IFA's VetFran program? | No |
AllStar Franchise
| Company Type: | Public |
| Executives: | John L. Morgan, Chairman and CEOSteven A. (Steve) Murphy, President, FranchisingMerry Beth Hovey, VP Marketing |
| Sales: | $31,200,000 |
| 1 Year Sales Growth: | 13.9% |
| Net Income: | $3,000,000 |
| 1 Year Net Income Growth: | - 11.1% |
| See More Financials | |
| Industries: | Sporting & Recreational Equipment Retail |
| See More Industries | |
| Top Competitors: | Goodwill IndustriesSports AuthorityWal-Mart |
AllStar Franchise
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