Five Below Closes $20 Million Equity Commitment

Philadelphia, Teen and pre-teen discounter Five Below has announced the closing of a $20 million equity commitment from LLR Partners and affiliates. The retailer says the investment will enable the 25-store chain to achieve its objective of growing to 100 stores in the corridor from Virginia to New York by the end of 2006.

Created by the men behind Zany Brainy, David Schlessinger and Tom Vellios, Five Below is described as a reinvention of the five-and-dime store, selling price points from $1 to $5 to an entirely teen and pre-teen market.