Epic Stores Corp (OTCMKTS:EPSC) has begun to trade some significant volume in recent days after a flurry of exciting press from the new thrift store retailer that merged into this shell. BETV the prior ticker never traded but was organized as such that many in the know suggested someday it would be subject to a major promotion.
The New Company EPSC has 10 stores across 4 states and generates well over $1.5 million in sales a quarter.
Epic Stores Corp (OTCMKTS:EPSC) is a second-hand goods retailer with locations throughout the United States. Based in Phoenix, Arizona, the company offers high quality, on-trend second hand clothing, accessories and household products at affordable prices.
As of October 4, 2015, the company employed 232 employees and operated 10 retail stores in four states. Founded in 2010, Epic opened its first retail store in Phoenix, Arizona. Since that time, the company has opened additional stores in Arizona, Nevada, Colorado, and Texas. All of the retail stores sell products directly to consumers. The company also operates a leading wholesale business that supplies used shoes, books and clothing to distributors.
EPSC hit the public markets this past August via a reverse takeover transaction among Be At TV, Inc., Epic Stores, Corp. and the stockholders of Epic. In addition, the Company completed a private placement financing transaction, raising gross proceeds of $2.3 million to accelerate expansion plans. Epic Stores opened two thrift stores in early 2015 and plans to open three additional thrift stores prior to the close of 2015. As part of the same transaction they completed a 1 for 24 reverse stock split on August 18.
Epic Stores Corp CEO Brian Davidson said “With this milestone transaction complete, Epic Stores Corp. today emerges as a publicly traded entity, providing the company with access to growth capital so we can fully execute our aggressive growth plans. The initial $2.3 million in funding will fund our near-term expansion into Houston, and we are well positioned to reach 15 stores by the end of 2015.”
In October EPSC said it has recently completed a new 23,864 square foot property lease in San Antonio, Texas as part of its strategic growth plan. The Company plans to open one of its Epic Thrift stores at this location in the spring of 2016.
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Epic’s store growth is focused on applying a modern, mainstream retail approach to the thrift store concept. The Company is executing plans to reach 15 stores by the end of 2015. Epic also plans to bring its retail thrift store concept to the greater Dallas-Fort Worth area, Tulsa, Okla. and the Central Valley of California.
Also in October EPSC said it has begun an initiative to relocate two of its Phoenix, Arizona locations to Houston, Texas and Yuma, AZ by the end of the year. The stores are being relocated to drive improved performance, more in-line with the financial performance of other stores in the Epic system.
On November 24 Vista Partners announced today that it has initiated coverage on Epic Stores Corp. EPSC with a twelve-month price target of $2.25. Ross Silver, Principal Analyst at Vista Partners, stated, “Resale (or Thrift) is a multi-billion dollar a year industry. First Research estimates the resale industry in the U.S. to have annual revenues of approximately $16 billion including revenue from antique stores which are 13% of their statistics. Goodwill Industries alone generated $5.37B in retail sales from more than 3,000 Not For Profit resale stores and their online auction website in 2014.”
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Currently trading at a $27 million market valuation EPSC has minimal assets, manageable debt and significant, fast growing revenues reporting $1,563,442 in sales for the 3 months ended September 30, 2015 up from $1,241,883 for the same period last year. EPSC is brand new, just starting to trade significant volume since the reverse takeover and ticker change from BETV. We will be updating on EPSC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with EPSC.
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Disclosure: we hold no position in EPSC either long or short and we have not been compensated for this article.