On to TPG, Leonard Green in $1.6B-Plus Deal
In November 2019 King County Superior Court Judge Roger Rogoff ruled that the corporation had misled the public into believing the organization was a charity. Additionally, the Attorney General filed suit against charities that partnered with Savers, for failing to monitor Savers for compliance with their partnership contract. The Attorney General pointed out, for example, that Savers pays only a very small percentage to the non-profit charities which partner with Savers (and for items other than clothing, nothing). In May 2015, the Minnesota Attorney General filed suit claiming that the corporation was misleading the public. According to an article that appeared in the Alberta Report in 1996 "According to the Times, for every $1.00 that went to undersigned charities from some Ellison-owned thrift stores, $2.55 went to the Ellison associates". Many of the contracts these organizations signed with Savers/Value Village offer a very small return compared to the (perceived) large amounts of money Savers/Value Village retains. By the early 2000s many organizations, like the Association of Community Living, partnered with Savers/Value Village because they believed it was too expensive to do the pickups and resell to used goods merchants. In the United States and Canada the business model for many nonprofits was that the organization would call homes for donations, and a truck would pick them up. Business operation issues and transparency Savers has buyers for its recyclables throughout the world and attempts to keep as much donated product out of the waste stream as possible. Savers also has a recycling program and attempts to recycle any reusable items that cannot be sold at the stores, as well as any items that do not sell over a period of time to make room for fresh merchandise. Items deemed resellable are displayed for purchase in stores. As of 2012, the company had 315 stores worldwide and reached $1 billion in revenue. Savers has more than 160 non-profit partners throughout the United States, Canada and Australia, which it pays more than $117 million annually. The non-profits collect and deliver donated goods to Savers, which pays them for the items at a bulk rate regardless of whether they ever make it to the sales floor. Savers' business model involves partnership with local non-profits and purchasing and reselling donated items. 2 Business operation issues and transparency.In March 2019, Savers reached a restructuring agreement to hand ownership of the company over to private equity firms Ares Management and Crescent Capital Group. Leonard Green & Partners and TPG Capital bought out Freeman's shares in 2012. In Australia and other regions of the U.S., the stores share the corporation's name.īerkshire Partners bought a 50% stake in the company in 2000. Some locations in the area surrounding the District of Columbia are under the name Unique. Savers is known as Value Village in the Pacific Northwest, and most of Canada, and Village des Valeurs in Quebec.
An international company, Savers has more than 315 locations throughout the United States, Canada, and Australia, and receives its merchandise by paying money to non-profit organizations for donated clothing and household items, and through direct donation by individuals. headquartered in Bellevue, Washington, U.S., is a privately held for-profit thrift store chain offering second hand shopping.