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Tuxedo & Formal Wear Rental, Sales & Tailoring

Pittsburgh, PA (Allegheny County)

Tuxedo & Formal Wear Rental, Sales & Tailoring
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Asking Price: $349,000

Cash Flow: N/A

Gross Revenue: N/A

EBITDA: N/A

FF&E: N/A

Inventory: N/A

Established: 1977

Tuxedo & Formal Wear Rental, Sales & Tailoring

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Business Description

Experts in tailoring for men and women's formal wear, sales & rentals

Highly successful and long running family formal wear rental, sales & tailoring business for sale with 2 franchise locations around Pittsburgh, Pa. Our two locations are neighborhood staples and have benefited from our long-standing and numerous relationships with loyal, repeat, high-end clients. The original owners have been in business for over 40 years and are well-known in their local communities, and as preferred in vendors in the prom and wedding services industries in western Pennsylvania.

The two physical locations are leased spaces (not included), but all of the inventory associated with the business and its great reputation are included in the sale price. The business is easy to operate and has low overhead. While tuxedo and formal wear rentals are the business staples, in recent years, the owners have benefited from expanding into formal wear sales and master tailoring. The owners are highly skilled, trained tailors for both men's and women's formal wear and casual clothing, and would be willing to continue to work through the transitional period, and beyond the sale as employees if desired.

Detailed Information

Location:
Pittsburgh, PA
Employees:
4
Facilities:
Both businesses are located in high visibility strip malls with lots of activity along major Pittsburgh roads. The stores are leased spaces, so real estate is not included in the purchase price. Assets include the entire extensive inventory of tuxedos, suits, hats, ties, vests, cuff links and other accessories related to formal wear rentals. Additionally, all sewing machines, steam iron press, mannequins, display and other furniture are also included. Most importantly, the good name and reputation of this 40+ year business is included!
Competition:
Competition for sales and rentals of formal wear comes largely from the big box stores like Tuxedo Junction and Men's Warehouse, although our prices are far lower than theirs. We also corner the tailoring market which amounts to a larger percentage of our cash business. In recent years, we have branched out to providing alterations to women's bridal gowns and dresses which is something none of our competitors offer. Also, we keep all of our inventory local and on site, which the big chains do not do.
Growth & Expansion:
Currently, our sales and rentals consist mostly of men's formal wear. We have considered expanding to include dresses as well. In recent years, we have branched out to providing alterations to women's bridal gowns and dresses, which is an area of great potential expansion because profit margins are high and it seems to be an area of great demand.
Support & Training:
As previously stated, the owners are committed to the continued success of the business, and are willing to continue working as employees throughout the transition and beyond if the terms are mutually acceptable.
Reason for Selling:
After 40+ years in the business, the owners would like to slow down and retire.
Franchise:
This business is an established franchise
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Business Listed By:
Joseph Balestrino

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