Burlington Coat files to go public
June 28, 2013,
Burlington filed paperwork with the Securities and Exchange Commission yesterday to raise up to $175 million in an IPO or initial public offering. It did not provide details on how many shares it would offer nor on when it expected the deal to be completed. It did say the money raised would go to pay off debt, presumably to Bain Capital, which took the retailer private in 2006.
Burlington operates 503 stores, of which about 460 contain Luxury Linen departments. Though often overlooked when talking about home textiles specialty chains, it is the industry's second largest such operation with 2011 sales of $313 million according to Home Textiles Todays top 50 Retailing Giants rankings. The 2012 list has not been released yet.
Home represents about 10 percent of the company's $4 billion-plus overall sales, which are largely in the apparel area.
Burlington Coat was founded 40 years ago in this small western New Jersey town.