Burlington Stores, Inc.
Company History
Burlington History: Founding, Growth & Key Milestones
Founded 1972 in Burlington, New Jersey
When was Burlington founded?
Burlington was founded in 1972 in Burlington, New Jersey by Monroe Milstein, making it 54 years old.
- Founded
- 1972
- Founding place
- Burlington, New Jersey
- Founders
- Monroe Milstein
- Headquarters today
- Burlington, New Jersey
- Milestones documented
- 13 (1972–2026)
- Current CEO
- Michael O'Sullivan
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1972 | Burlington Coat Factory opens |
| 1983 | First public offering |
| 1989 | Cohoes Specialty Stores acquired |
| 2006 | Bain Capital takes Burlington private |
| 2008 | Tom Kingsbury named CEO |
| 2013 | Return to the stock market |
| 2019 | Michael O'Sullivan becomes CEO |
| 2020 | Online sales end and stores close for the pandemic |
| 2023 | Bed Bath & Beyond leases |
| 2025 | Joann leases |
| 2026 | Record fiscal 2025 results |
| 2026 | Tariff refunds put into prices |
| 2026 | Headquarters move to Philadelphia announced |
- Where was Burlington founded?
- Burlington was founded in Burlington, New Jersey in 1972.
- Who founded Burlington?
- Burlington was founded by Monroe Milstein.
- When did Burlington start?
- Burlington was founded in 1972.
- How old is Burlington?
- Burlington is 54 years old as of 2026.
Founding Story
Monroe Milstein came from a family wholesale outerwear business in the New York garment trade. In 1972 he bought a coat outlet in a former factory building in Burlington, New Jersey, and sold brand-name coats there at discount prices, which gave the business its name: Burlington Coat Factory. Coats are seasonal, so the store gradually added suits, dresses, children's clothing, shoes and other year-round categories. The company first went public in 1983, and Milstein family control ended when Bain Capital bought it for about $2.06 billion in 2006.
Founders
Monroe Milstein
Monroe G. Milstein grew up in his family's wholesale outerwear business in New York. In 1972 he bought a coat outlet in a former factory building in Burlington, New Jersey, and sold brand-name coats there at discounts, a low-overhead, store-first approach that became the template for the off-price chain. He widened the range into year-round apparel, shoes, baby products and home goods, took Burlington Coat Factory public in 1983 and ran it as a family-controlled company until Bain Capital acquired it for about $2.06 billion in 2006. The company dropped 'Coat Factory' from its consumer name around its 2013 return to the stock market, but the discount-merchant culture he built remains its core.
Key Milestones
Burlington Coat Factory opens
Monroe Milstein bought a coat outlet in a former factory building in Burlington, New Jersey, and sold brand-name coats at discount prices, the start of Burlington Coat Factory.
Source: en.wikipedia.orgFirst public offering
Burlington Coat Factory Warehouse Corporation went public for the first time, funding expansion from a regional discounter into a national chain with year-round apparel, shoes, baby and home departments.
Source: en.wikipedia.orgCohoes Specialty Stores acquired
Burlington bought the Cohoes Specialty Stores off-price chain from upstate New York, including a 50 percent stake in the Cohoes Commons building; a few stores still traded as Cohoes Fashions decades later.
Source: en.wikipedia.orgBain Capital takes Burlington private
Bain Capital acquired Burlington Coat Factory for about $2.06 billion, ending 34 years of Milstein family control. Long-time executive Mark Nesci became chief executive.
Source: wwd.comTom Kingsbury named CEO
Former Kohl's executive Thomas Kingsbury became president and CEO in December 2008, succeeding Mark Nesci, and began overhauling buying, inventory management and the supply chain.
Source: wwd.comReturn to the stock market
Burlington Stores priced its IPO on October 2, 2013, selling 13.3 million shares at $17 each for about $226 million, and listed under the ticker BURL.
Source: fool.comMichael O'Sullivan becomes CEO
Former Ross Stores president and COO Michael O'Sullivan succeeded Tom Kingsbury as CEO around September 16, 2019, and later launched the Burlington 2.0 plan of leaner inventories and smaller stores.
Source: burlingtoninvestors.comOnline sales end and stores close for the pandemic
On March 5, 2020, Burlington said it would shut its e-commerce business. Days later pandemic lockdowns closed its stores, and fiscal 2020 revenue fell to $5.76 billion with a $216.5 million net loss.
Source: retaildive.comBed Bath & Beyond leases
Burlington won 44 Bed Bath & Beyond leases for $12 million at the June 2023 bankruptcy auction, the largest share of the 109 sold, and later reported 62 former Bed Bath & Beyond leases in total.
Source: cnbc.comJoann leases
After Joann's second bankruptcy, Burlington agreed in April 2025 to take over 45 Joann store leases, many of which became part of its fiscal 2026 opening program.
Source: retaildive.comRecord fiscal 2025 results
Burlington reported fiscal 2025 total revenue of $11.57 billion and net income of $610.2 million, and ended the year on January 31, 2026, with 1,212 stores.
Source: sec.govTariff refunds put into prices
In the second quarter of fiscal 2026, sales rose 11 percent to $2.998 billion. Burlington received $55 million in tariff refunds and said it would reinvest them in lower prices; the store count reached 1,287.
Source: finviz.comHeadquarters move to Philadelphia announced
On September 3, 2026, Burlington said it will invest $370 million to move its headquarters from Burlington Township, New Jersey, to Schuylkill Yards in Philadelphia, in phases from late 2028 or early 2029.
Source: inquirer.comMajor Acquisitions
Cohoes Specialty Stores (Cohoes Fashions)
1989Burlington Coat Factory bought the Cohoes Specialty Stores off-price apparel chain from Cohoes, New York, adding branded apparel stores in upstate New York and a 50 percent stake in the Cohoes Commons building.
Bed Bath & Beyond store leases
2023In Bed Bath & Beyond's bankruptcy, Burlington won 44 leases at the June 2023 auction for $12 million, the largest share of the 109 leases auctioned, to speed up new store openings.
Joann store leases
2025After Joann's second bankruptcy filing in January 2025, Burlington agreed to assume 45 Joann store leases across the United States, according to April 2025 bankruptcy court filings.
Keep researching Burlington
Burlington Company History FAQ
What are the major eras in Burlington's history?
Burlington was founded in 1972 by Monroe Milstein in Burlington, New Jersey, went public in 1983, was taken private by Bain Capital for about $2.06 billion in 2006, returned to the NYSE in a 2013 IPO, and has been led since 2019 by CEO Michael O'Sullivan under his Burlington 2.0 plan.
How did Burlington grow beyond coats?
Coats were seasonal, so the original Burlington Coat Factory added suits, dresses, children's clothing, shoes and later baby and home departments, turning a winter outerwear outlet into a year-round off-price store.
Why was 2013 a key year for Burlington?
Burlington Stores priced its IPO on October 2, 2013, at $17 a share, raising about $226 million, and around the same time began operating simply as Burlington instead of Burlington Coat Factory.
When did Burlington stop selling online?
Burlington announced on March 5, 2020, that it would shut its e-commerce business, days before pandemic lockdowns closed its stores. It has been a store-only retailer since.
How has Burlington's store count grown?
It had 1,007 stores at the end of fiscal 2023, 1,212 at January 31, 2026, and 1,287 by August 1, 2026. Management expects at least 1,500 by the end of 2028.
How did Burlington's store format change?
Under Burlington 2.0, introduced after 2019, new stores use a prototype of about 25,000 square feet, much smaller than the warehouse-style boxes of the Coat Factory era, which lowers rent and labor per store.
How did the pandemic affect Burlington?
Stores closed in March 2020, and fiscal 2020 revenue fell to $5.76 billion from $7.29 billion, with a $216.5 million net loss. Revenue rebounded to $9.32 billion in fiscal 2021.
Where is Burlington's headquarters moving?
In September 2026 Burlington announced it will move its headquarters from Burlington Township, New Jersey, to Schuylkill Yards in Philadelphia in a $370 million project, with phased moves starting no earlier than late 2028.
Why did Burlington Coat Factory change its name?
Founded originally in 1924 as a coat wholesaler, the company officially dropped "Coat Factory" from its name in 2014 to heavily emphasize that it sells massive amounts of everyday apparel and home goods, not just winter outerwear.
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