VR Business Brokers Announces Sale of Five Star Thrift
DALLAS, Feb. 12, 2007 – VR Business Brokers (www.vrbigd.com) today announced the sale of Five Star Thrift, a rapidly growing chain of Dallas-area thrift stores, to Scribe Systems, Inc. Terms of the transaction were not disclosed.
Whether you call it retro, vintage or recycled, demand for thrift store clothing is a hot fashion trend, especially among value-conscious consumers, Gen Y and celebrities. Sales of this second-hand clothing comprise approximately 80 percent of Five Star Thrift’s revenue, which has doubled over the past two years. The company’s philosophy on inventory has been the primary factor driving this substantial growth – style, quality and condition dictate what goes on the floor.
It was this unique dynamic, coupling the increased popularity of second-hand merchandise with the stores’ disciplined approach to ensuring inventory meets high quality standards that grabbed the attention of Scribe Systems partners Craig Burnett and Michael Mattocks.
“VR Business Brokers encouraged us to examine Five Star Thrift and the more we learned about the company and employees the more we fell in love with it,” said Burnett, one of the new owners of Five Star Thrift. “My partner and I have other business interests so VR Business Brokers was able to make the perfect match – a vibrant business that has excellent employees who don’t need a lot of hand holding.”
VR Business Brokers in Dallas assisted in the sale by establishing a fair and accurate asking price, marketing the business and representing the seller in negotiations. The firm, which has sold more businesses in North America than anyone, links business owners throughout the Dallas/Fort Worth area and across Texas to qualified buyers.
Founders Rusty Parrish and his partner William Moore opened Five Star Thrift’s first store in 2003, located at 407 East Pioneer Parkway in Grand Prairie. They opened the second store at 971 West Centerville Road in Garland in 2005. The partners sold the company to pursue other independent business ventures.
The new owners will continue Five Star Thrift’s longstanding support of the David Nicklas Organ Donor Awareness Foundation, Inc., and will also support Crisis Pregnancy Center in Duncanville, both of which are non-profit 501(c)3 corporations.
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About VR Business Brokers
Founded in 1979, VR Business Brokers has sold more businesses in North America than anyone, providing the most extensive training program for its intermediaries and maintaining the largest national database of sold businesses to assist in business valuations. VR Business Brokers has been rated the number one Business Brokerage in the world for 16 of the last 20 years. More information about VR Business Brokers in Dallas is available at (972) 792-0100 or www.vrbigd.com.