Burlington Coat Factory Bundle
Who owns Burlington Stores, Inc.?
Understanding a company's ownership is key to its strategy and accountability. Burlington Stores, Inc., a prominent off-price retailer, has seen significant shifts, including its 2006 acquisition by Bain Capital and its 2013 return to public markets via an IPO.
These pivotal moments reshaped its path in the competitive retail sector. The company, founded in 1972 as Burlington Coat Factory, has grown from offering outerwear to a broad range of apparel, accessories, and home goods.
As of Q1 fiscal 2025, Burlington operates 1,115 stores across 46 states, D.C., and Puerto Rico. It’s a Fortune 500 company and the third-largest off-price retailer. For fiscal year 2024, net sales reached $10.6 billion. This analysis explores Burlington's ownership evolution, from its early days to its current public shareholder structure, including key investors and control changes. For a deeper dive into external factors, consider the Burlington Coat Factory PESTEL Analysis.
Who Founded Burlington Coat Factory?
Burlington Stores, Inc. began its journey in 1972 with the opening of its first store in Burlington, New Jersey. The company's foundation is deeply rooted in a family endeavor, with Monroe Gary Milstein and his wife, Henrietta Milstein, recognized as its founders. Henrietta's vision was instrumental, as she persuaded her husband to acquire a former factory outlet for $675,050, using $75,000 of her own savings for the down payment.
Founding Vision
Henrietta Milstein's foresight led to the acquisition of the first store location. Her personal savings were a key component in establishing the initial retail presence.
Family Legacy
The company's origins trace back to Monroe's father, Abe Milstein, who operated a wholesale outerwear business since 1924. This established an early connection to the apparel industry.
Initial Strategy
The first store focused on selling coats and jackets at wholesale prices. This strategy aimed to offer branded outerwear at significantly lower prices than traditional department stores.
Merchandise Diversification
To counter seasonal sales fluctuations, the company expanded its offerings. This included clothing, accessories, linens, gifts, baby items, and shoes.
Public Offering
In June 1983, Burlington Coat Factory became a public entity through an IPO. The Milstein family retained a majority stake following this transition.
Growth Post-IPO
The capital raised from the IPO fueled expansion, increasing the store count from 31 in 1983 to 68 by 1985. Monroe Gary Milstein was a key figure in this expansion phase.
The company's initial retail approach centered on providing first-quality, branded outerwear at prices considerably lower than those found in conventional department stores. This business model proved successful, with annual sales surpassing $130 million by 1982. The transition to a public company in 1983, with 31 stores operating at the time, allowed for accelerated growth, demonstrating a clear path for expansion and market penetration. The Milstein family's continued majority ownership underscored their commitment to the company's direction for over three decades. Monroe Gary Milstein, a pivotal leader in the company's development, passed away on May 9, 2025. This period of growth and strategic expansion is detailed further in the Growth Strategy of Burlington Coat Factory.
Key Milestones in Early Ownership
The early years of Burlington Coat Factory were marked by strategic decisions that laid the groundwork for its future success. The family's involvement ensured a consistent vision.
- Founding Year: 1972
- Founders: Monroe Gary Milstein and Henrietta Milstein
- Initial Investment Source: Henrietta Milstein's savings
- Public Offering: June 1983
- Store Count at IPO: 31
- Store Count by 1985: 68
- Annual Sales by 1982: Over $130 million
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How Has Burlington Coat Factory’s Ownership Changed Over Time?
Burlington Stores, Inc.'s ownership journey includes a significant shift from public to private hands and back again. Initially public since 1983, a major change occurred in 2006 when a private equity firm acquired the company, leading to a period of strategic restructuring before its return to public markets in 2013.
| Event | Year | Ownership Change |
|---|---|---|
| Initial Public Offering | 1983 | Became a publicly traded company |
| Acquisition by Private Equity | 2006 | Acquired by Bain Capital for approximately $2.06 billion, taken private |
| Second Initial Public Offering (IPO) | 2013 | Returned to public markets, raising $226.6 million to $227 million |
Following its 2013 re-listing and renaming to Burlington Stores, Inc., the company's ownership structure is now dominated by institutional investors. This is a common characteristic for large retail entities. As of late 2024, a substantial majority, approximately 70.75%, of Burlington Stores' shares are held by mutual funds and Exchange Traded Funds (ETFs). The remaining 29.25% is owned by other institutional investors. Key institutional shareholders include major investment management firms such as The Vanguard Group, Inc., BlackRock, Inc., and T. Rowe Price Group, Inc. The company's strategic direction and governance are significantly influenced by these large stakeholders, who possess considerable voting power. In the first quarter of fiscal 2025, the diluted weighted average shares outstanding were reported at 64.0 million.
Key Ownership Details
Burlington Stores, Inc. is primarily owned by institutional investors, reflecting its status as a large publicly traded retail company.
- Institutional investors hold approximately 70.75% of shares through mutual funds and ETFs as of late 2024.
- Major institutional holders include The Vanguard Group, Inc., BlackRock, Inc., and T. Rowe Price Group, Inc.
- The company transitioned from private ownership back to public trading in 2013.
- The name change from Burlington Coat Factory to Burlington Stores, Inc. occurred after its second IPO.
- For a deeper understanding of its past, explore the Brief History of Burlington Coat Factory.
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Who Sits on Burlington Coat Factory’s Board?
The strategic direction and operational oversight of Burlington Stores, Inc. are guided by its Board of Directors and senior leadership. As of August 2025, Michael O'Sullivan is the Chief Executive Officer, and John Mahoney serves as the Chairman of the Board. The board includes executive, shareholder-affiliated, and independent members, with recent additions like Shira Goodman and Michael Skirvin enhancing its expertise.
| Board Member | Role | Appointment Date |
|---|---|---|
| John Mahoney | Chairman of the Board | February 2020 |
| Michael O'Sullivan | Chief Executive Officer | September 2019 |
| Shira Goodman | Director | January 1, 2025 |
| Michael Skirvin | Director | November 18, 2025 |
Burlington Stores operates under a standard one-share-one-vote common stock structure, typical for publicly traded entities. There is no public information suggesting the existence of dual-class shares or special voting rights that would grant disproportionate control to any single party. While institutional investors hold a substantial portion of the company's shares, there have been no widely publicized activist campaigns recently that have significantly altered the company's decision-making framework. The company's corporate governance, including director compensation and board composition, is detailed in its annual proxy statements.
Board Leadership and Governance
Burlington Stores' leadership structure is designed for effective strategic guidance and operational management. The board composition aims to balance executive experience with independent oversight.
- Michael O'Sullivan leads as CEO, appointed in September 2019.
- John Mahoney chairs the Board, appointed in February 2020.
- Shira Goodman joined the Board effective January 1, 2025.
- Michael Skirvin, with extensive retail experience, joined the Board effective November 18, 2025.
- The company follows a one-share-one-vote structure, reflecting typical public company governance.
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What Recent Changes Have Shaped Burlington Coat Factory’s Ownership Landscape?
Over the past few years, Burlington Stores, Inc. has seen shifts in its ownership landscape driven by strategic expansion and active capital management. The company's consistent growth and focus on the off-price sector continue to influence its shareholder base.
| Fiscal Year End | Net Sales | Net New Stores Opened | Total Stores |
|---|---|---|---|
| FY 2024 (ending Feb 1, 2025) | $10.6 billion | 101 | 1,108 |
| FY 2025 (planned) | - | ~100 | - |
Burlington Stores, Inc. has been actively managing its share structure through repurchase programs, a strategy that can concentrate ownership among remaining shareholders and boost earnings per share. In the first quarter of fiscal 2025, the company repurchased 445,285 shares for $105 million. This follows a fiscal year 2024 where 1,013,561 shares were bought back for $241.9 million. The board's authorization of an additional $500 million for repurchases through May 2027 underscores a commitment to shareholder value, potentially attracting and retaining institutional investors who favor such capital return strategies.
Share Repurchase Activity
Burlington Stores has consistently repurchased its own stock. This activity reduces the number of outstanding shares, potentially increasing ownership concentration and earnings per share for remaining shareholders.
Strategic Expansion Focus
The company plans to open approximately 100 net new stores in fiscal year 2025, with a long-term goal of reaching 2,000 locations. This expansion strategy signals continued growth and investment in the off-price retail sector.
Leadership and Expertise
Recent leadership changes, including the succession of the Chief Accounting Officer and the upcoming addition of a director with off-price retail expertise, indicate a focus on operational continuity and strategic guidance.
Financial Performance and Strategy
A 6% increase in total sales to $2.5 billion in Q1 2025, with a net income of $101 million, demonstrates resilience. The 'Burlington 2.0' strategy aims for operational efficiency, supporting its position in the competitive retail market and influencing its Competitors Landscape of Burlington Coat Factory.
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