One Price Clothing Stores Inc. (Duncan, S.C.) has announced the completion of an equity investment by an affiliate of Sun Capital Partners Inc. (Boca Raton, Fla.).
The operator of 568 retail specialty stores across the country is expected to use part of the $7 million in proceeds to fund a new store-concept roll-out.
“The new capital that Sun Capital's equity investment provides, coupled with additional flexibility created by our enhanced credit facility and the support of our vendors, is expected to strengthen One Price and facilitate the roll-out of our tri-box store concept,” said ceo Leonard Snyder.
One Price Clothing's stores operate in 30 states under the One Price & More!, BestPrice! Fashions and BestPrice! Kids banners. It made its name offering women's and children's apparel and accessories at a single, uniform $7 price, but sluggish sales forced it to give up the one-price format and move into new categories. The off-price retailer buys manufacturer overruns and discontinued goods, purchasing them late in the buying season at heavy discounts. Prices now range mostly from $7 to $15.