Description

Owner retiring after forty year for this highly successful Clothing store business specializing in formal wear rental and clothing sales located on an active avenue of Essex County, New Jersey. This sale is due to illness and is priced very aggressively, below market value and based particularly on the value of the inventory. This is a wonderful opportunity to enter this industry and the owner will supply train. If you are looking for a tuxedo to rent for Prom? Check the latest formal wear trends, they are well known as a premier provider of tuxedos for all occasions. Their staff will present you with the broadest selection of tuxedos, vests and formal wear accessories to make sure you get exactly the style you’re going for. Their certified formal wear consultants are ready to assist you in coordinating the perfect look for your Prom. They continue to offer a large selection of unique formal wear attire and accessories to guarantee you’ll look fashionably unique. When selecting your tux, they offer you hundreds of the latest designer styles including Calvin Klein, Ralph Lauren, Joseph Abboud, Perry Ellis, Jean Yves, Red Sleeve and Claiborne. Coupled with their commitment to service, they will ensure perfection for your special Homecoming, Prom, or Winter Formal event. Based on the asking price, required down payment and net income this business will supply a consistent return to the owner operator prior to debt service. The sale includes numerous displays, POS system, counters including various equipment required for this particular industry. The building has a capacity for 45 customers, 2,000 square feet, on one main floor with a full basement used for storage. This retail business has one part time steam stress to service its various customers. The sale includes a ten year commercial lease with a monthly rent payment of $3,000, rent security $3,000. The facility has private parking on the site as part of the lease agreement. The business is operational six days weekly with hours from 9:30 am to 6:00 pm. The business has a certificate of occupancy to conduct business at this location. Based on the asking price, required down payment and net income this business should supply a 15% return to the owner operator prior to debt service. The business gross yearly income is $120,000 and a yearly net income of $40,000.00. Asking price is $195,000 which represents the value of the inventory and owner financing is available to a qualified buyer. Inventory wholesale value $180,000 included in the sale price. This sale is confidential to employees and public, all viewings are by appointment only.

Financial Summary

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