Top teen store gears up to open 100 new outlets.Teen discount chain, Five Below, Inc. is set to go on a $20M spending spree Noun 1. spending spree - a brief period of extravagant spending spree, fling - a brief indulgence of your impulses after securing an equity commitment from LLR LLR Lunar Laser Ranging LLR Log-Likelihood Ratio LLR Loan Loss Reserve LLR Low Level Radiation LLR Looks Like Rain (song) LLR Local Linear Regression LLR Lessons Learned Report LLR Load-Limiting Resistor Partners Inc. and affiliates. The leading retailer of what's dubbed 'extreme-value merchandise' to the teen and pre-teen market plans to open another 100 stores in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to Virginia corridor by the end of 2006. Currently with over 25 stores located in lifestyle centers and malls in the Mid-Atlantic region, Five Below offers thousands of items, all priced between $1.00 and $5.00. The chains has been hailed for reinventing the traditional five-and-dime for today's younger generation, and has launched a new retail category within the specialty discount market. Five Below was founded in 2002 by David Schlessinger and Tom Vellios, experienced retailers who created and developed the Zany Brainy brain·y adj. brain·i·er, brain·i·est Informal Intelligent; smart. brain  i·ly adv. retail concept into a 200 store, $400 million revenue chain that was eventually sold to FAO FAO,n See Food and Agriculture Organization. , Inc. Tom Vellios, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Five Below, said, "We are excited to join forces with LLR to help Five Below realize its tremendous expansion potential. LLR's unique combination of capital and strategic guidance will leverage Five Below's success." Howard Ross, a Partner at LLR. "David Schlessinger and Tom Vellios have stellar reputations in the retail sector, and we are excited to work with them as they take Five Below to the next level." In New York, Five Below is represented by Ripco Real Estate brokers Tom Retalliata and Jeff Howard. |
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