Who Owns Burlington Coat Factory Company?

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Who Really Owns Burlington Coat Factory?

Understanding the ownership structure of a major retailer like Burlington Coat Factory is crucial for investors and business strategists alike. From its humble beginnings to its current status as a retail powerhouse, Burlington's journey has been marked by significant shifts in ownership. Examining these changes reveals insights into the company's strategic decisions and future prospects. Delving into the details of Burlington Coat Factory SWOT Analysis can also provide valuable context.

This exploration into Burlington ownership will unravel the evolution from its founders to its current stakeholders. We'll uncover how the Burlington parent company has navigated private equity acquisitions and public offerings, highlighting the key players who shape its direction. We'll analyze the influence of major shareholders and the role of the Burlington CEO and board of directors in driving the company's performance, making it essential reading for anyone interested in the Burlington Coat Factory's financial performance and future.

The story of Burlington Coat Factory began in 1972. The company was founded as a family-run business, with Monroe Milstein and his wife, Henrietta, at the helm. Henrietta, a librarian, provided a significant portion of the initial investment, demonstrating the family's commitment to the venture.

Monroe Milstein, along with his father Abe, brought experience in the wholesale and retail outerwear business. They acquired a former factory outlet in Burlington, New Jersey, for $675,050. This marked the beginning of what would become a large retail chain.

Initially, the focus was on wholesale coat sales. However, to reduce reliance on seasonal demand, the Milsteins expanded the merchandise. They added clothing, accessories, and other items to broaden their appeal. This strategy helped evolve the business from a seasonal outerwear seller to a more diversified off-price retailer.

Early Ownership and IPO

In 1983, the company, then known as Burlington Coat Factory Warehouse Corporation, went public. The Milstein family retained a majority stake in the company. This move provided capital for expansion and growth.

Key Ownership Facts

The early ownership of Burlington Coat Factory was primarily controlled by the Milstein family. The initial public offering (IPO) in 1983 allowed the company to raise capital while the Milsteins maintained a significant ownership share. This ensured the family's vision continued to guide the company's direction.

• The Milstein family founded the company in 1972.
• Henrietta Milstein's savings provided a large portion of the initial down payment.
• The IPO occurred in 1983, with the Milstein family maintaining control.
• The company expanded its merchandise beyond coats to reduce seasonal dependence.

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The ownership of Burlington Coat Factory, now known as Burlington Stores, has seen several key shifts since its inception. Initially a publicly traded company after its 1983 IPO, it later transitioned to private ownership. In 2006, Bain Capital Partners acquired the company for $2.06 billion, a significant event that reshaped the company's structure. At the time of the acquisition, the Milstein family, who were early investors, received approximately $1.3 billion for their nearly 30 million shares. This period marked a pivotal change in the company's trajectory, influencing its strategic direction and operational focus.

The company's journey continued with a return to the public market in 2013 through an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) under the ticker symbol 'BURL'. The IPO was successful, with the stock price increasing significantly on its first day of trading. Following the IPO, Bain Capital maintained a controlling stake, classifying Burlington as a 'controlled company' under NYSE standards. This transition back to public trading allowed for renewed investment and growth opportunities, shaping the company's financial performance and market position.

As of June 2025, the ownership structure of Burlington Stores is primarily a mix of institutional and individual investors. Institutional investors, including mutual funds and hedge funds, hold substantial positions in the company. The company's financial performance has shown growth, with total sales increasing by 11% in fiscal year 2024, reaching $9.7 billion for the fiscal year ending January 2024. This performance reflects the company's strategic direction under its current ownership and management. For more details, you can read the Brief History of Burlington Coat Factory.

Key Takeaways on Burlington Ownership

Burlington's ownership has evolved significantly, from public to private and back to public. Institutional investors currently hold a significant portion of the company's shares.

• Bain Capital played a key role in a major ownership shift.
• The company's financial performance shows growth.
• Institutional investors are major stakeholders.
• The company's stock is traded on the NYSE under the symbol 'BURL'.

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As of November 2024, the Board of Directors of Burlington Stores, Inc. includes Chairman John Mahoney and CEO Michael O'Sullivan. Michael O'Sullivan has been the CEO and a Director since September 2019, with a total yearly compensation of $15.40 million. Other key figures include Jennifer Vecchio, serving as Group President and Chief Merchandising Officer, and Travis Marquette as President and Chief Operating Officer.

The Board is committed to strong corporate governance, with a majority of independent directors. In 2018, 8 out of 9 directors were independent, and 3 out of 9 were female. Effective January 1, 2025, Shira Goodman, former CEO of Staples, Inc., joined the Board and its Audit Committee, bringing extensive retail experience. This composition reflects a focus on diverse perspectives and expertise to guide the company's strategic direction. For more insights, see Revenue Streams & Business Model of Burlington Coat Factory.

Burlington Stores operates with a one-share, one-vote principle for its common stock. For director elections, a plurality of votes cast is required. In uncontested elections, a majority voting policy is in place, requiring any director not receiving a majority of votes to tender their resignation. The Board's guidelines emphasize no unequal voting rights and clear stock ownership guidelines for key executives and non-employee directors. There have been no significant recent proxy battles or activist investor campaigns affecting decision-making.

Burlington Coat Factory Board of Directors

The Board of Directors oversees the business and affairs of Burlington Stores, Inc., including strategic and risk management. The Board is committed to strong corporate governance. The voting structure generally follows a one-share, one-vote principle.

• John Mahoney is the Chairman.
• Michael O'Sullivan is the CEO.
• Shira Goodman joined the Board in January 2025.
• The Board emphasizes no unequal voting rights.

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In the past few years, the ownership and strategic direction of Burlington Stores have seen notable developments. For the fiscal year ending January 2024, the company reported net sales of $9.7 billion, marking an 11% increase from the previous year. Looking ahead to fiscal year 2025, the company anticipates further growth, projecting a 6% to 8% increase in total sales and a 0% to 2% rise in comparable store sales. This performance reflects the ongoing evolution of the company's business model and its response to market dynamics. The company's focus on strategic initiatives and financial management continues to shape its trajectory in the retail sector.

One key aspect of Burlington's recent financial strategy has been its active share buyback program. During the first quarter of fiscal year 2025, the company repurchased 445,285 shares of its common stock for $105 million. Moreover, the Board of Directors authorized the repurchase of up to an additional $500 million of common stock through May 2027. For the quarter ending March 31, 2025, share buybacks amounted to $127.563 million, which underscores the company's commitment to enhancing shareholder value. The buyback yield for fiscal years ending January 2021 to 2025 averaged 1.4%, with a peak of 2.0% in January 2023, highlighting the company's capital allocation priorities.

In terms of leadership and operational strategy, Burlington is also focused on expansion. The company is targeting approximately 100 net new store openings for 2025 and aims for 500 net new stores between 2024 and 2028. This expansion strategy includes acquiring existing retail spaces, as seen with the acquisition of leases for over 40 closed Bed Bath & Beyond locations in June 2023 and 15 Conn's locations in 2024. These moves indicate Burlington's strategic approach to growth and its ability to capitalize on market opportunities. For further insights into Burlington's growth strategy, consider exploring the Growth Strategy of Burlington Coat Factory.

Who Owns Burlington

Burlington Stores, Inc. is a publicly traded company. The ownership is distributed among institutional investors, and individual shareholders.

Burlington Parent Company

The parent company of Burlington is Burlington Stores, Inc. (NYSE: BURL). The company operates as an off-price retailer.

Burlington History

Founded in 1972 as Burlington Coat Factory, the company has evolved. It expanded beyond coats to offer a wide range of apparel and home goods.

Burlington CEO

Michael O'Sullivan is the current CEO of Burlington Stores, Inc. His leadership plays a key role in the company's strategic direction and performance.

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