Curious if Burlington Coat Factory is going out of business? Rest assured, there’s currently no evidence to suggest such a scenario. Burlington remains a thriving discount retailer with over 1,000 stores across the United States. The company’s commitment to providing affordable, brand-name merchandise for families and homes is evident in its continuous operations and recent expansions. At the same time, challenges in the retail sector are expected. Burlington Coat Factory’s ongoing presence indicates it’s still in business.
Burlington planned to close its stores on Christmas Day, just like Thanksgiving and Easter. If you plan to shop for gifts, you can still go as some stores are there. Check with your local store for specific hours.
If you were into last-minute New Year’s Eve shopping or wanted to start 2024 with a new wardrobe, Burlington had various deals on sweaters, leggings, jackets, boots, handbags, homeware, toys, and even Spider-Man outfits. You could either visit the store or order online on Burlington’s website.
Burlington and other big retailers like Old Navy, Forever 21, Walmart, Costco, and Sam’s Club were closed on Christmas Day.
The boss of Burlington Stores, Michael O’Sullivan, said they could have done better in 2022 but learned from their mistakes. Sales for 2023 dropped by 7%, and they made 44% less profit. However, in the last part of the year, they did better. For the quarter ending on January 28, sales increased by 5%, and their profits improved compared to the same time in 2022.
O’Sullivan admitted they messed up early in 2022. This led to needing more stuff people wanted in their stores. But now, he thinks those issues are fixed. Their main goal for 2023 was to sell more. They planned to add 70 to 80 new stores last year and might open even more soon. O’Sullivan thinks they can grow because other stores are closing. Now, let’s dive in to get more info about Burlington.
About Burlington
Burlington is a significant discount store in the United States. It was once called Burlington Coat Factory. It’s part of the Burlington Coat Factory Warehouse Corporation and has over 1,000 stores in 40 states and Puerto Rico. The main office is in Burlington Township, New Jersey. In 2007, Bain Capital bought the company, and 2008 Tom Kingsbury became the president and CEO.
In 2013, the company became public again. Burlington is the third-largest discount retailer after TJX Companies and Ross Stores.
What Is The History Of Burlington?
The story begins with Monroe Milstein and his father, Abe. They ran a successful outerwear business together since 1946.
In 1972, Henrietta Milstein convinced her husband Monroe to buy an old factory outlet in Burlington, New Jersey, for $675,050. She used money saved from her job as a librarian for most of the $75,000 down payment. At first, they sold coats and jackets wholesale. But to be less dependent on seasonal coats, they added other clothes, accessories, linens, gifts, baby items, and shoes.
In 1975, they opened another store in Copiague on Long Island. Monroe’s son Lazer, living in Israel, returned to be the legal owner of this new store, with the condition that it closed on Saturdays for the Sabbath. This decision also helped them avoid legal issues as businesses faced trouble for being open on Sundays back then.
In 1983, with 31 locations, the company went public. In 2006, Bain Capital Partners bought it for $2.06 billion. The Milstein family made about $1.3 billion from the sale. The company, now known as Burlington Coat Factory Holdings Inc., changed.
In 2012, it got a $40 million incentive to build a new headquarters in Florence, New Jersey.
2013, it went public again, and its stock rose more than 40% on the first trading day. The company reported $4.35 billion in sales for the 12 months ending August 3, 2013.
By October 2013, it had 503 stores under various names in 44 states and Puerto Rico.
In 2016, Burlington Stores entered the Fortune 500 for the first time. Tom Kingsbury served as CEO from 2008 to 2018.
In June 2023, after Bed Bath & Beyond stores in the United States closed. Burlington bought leases for more than 40 of those closed locations.
What Is The Controversy Of Burlington Coat Factory?
Burlington Coat Factory had some problems in the past. They got into trouble when the Humane Society found out they were saying some fur on their products was fake when it was real and from animals in China. They agreed to fix this after an undercover investigation.
Back in the 1980s to 2009, their logo had a tag saying they were not connected to another company called Burlington Industries. This happened because they disagreed about their names. Even though Burlington Industries closed in 2004, the tag stayed until 2009.
In the early 1990s, a rumor was that snakes were sold in coats at Burlington. The company said it was false because their places are too cold for snakes to survive.
After the September 11, 2001 attacks, a part of a plane crashed into the Burlington Coat Factory in Manhattan. It was a big problem, and almost nine years later, the building became part of a controversy. It was a time when people didn’t want a Muslim center and mosque to be built there.
Did Burlington Remove Coat Factory From Its Name?
Yes, Burlington Coat Factory is now called Burlington. They changed the name to show they have many different things to buy, not just coats. The new name represents the fun shopping experience you can have in their stores and online. They removed”Coat Factory” from their name so people don’t think they only sell coats. They also changed their website to Burlington.com.
Is Burlington Available Online?
Burlington is available online. Can a business afford to let go of a million dollars and the chance for more? That’s what Burlington Stores, a discount retailer, does by saying it will stop selling things online.
Their online sales only make up 0.5% of their yearly revenue of $2.2 billion, so it’s a small part of their money. In the world of discount shopping, online sales haven’t been the main focus. Big players like TJX and Ross Dress for Less are starting to sell online or have yet to start.
For Burlington, online sales are like a small mistake. They say it doesn’t fit their fun “treasure-hunt” shopping style. The company has been doing well lately, with strong sales that made Wall Street happy. But because of worries about the coronavirus, the stock market dropped, affecting them too.
Burlington’s CEO, Michael O’Sullivan, explained on a recent call that their kind of business, where people look for bargains, works better in physical stores. He thinks that the excitement of finding good deals and the reasonable prices they offer make regular stores better than online for them.
The company plans to put more effort and money into improving its physical stores, opening new ones, and fixing existing ones. However, some people don’t agree with this decision. They point out that other businesses that gave up on online sales, like Pier 1, faced problems later. Pier 1 had to restart online sales after losing time. This move might have contributed to their financial troubles.
Burlington’s decision is also getting attention because of the timing. With the coronavirus affecting normal activities, businesses without online sales might struggle to compete.
Burlington says it’s tough to do the “treasure hunt” thing online, and that’s true. But in the discount retail world, more and more items are becoming regular products that can be ordered repeatedly. The idea of finding unique items in limited supply. This makes the treasure hunt exciting and is becoming less common.
Some other websites mix one-of-a-kind and vintage items to create an online treasure hunt. Also, with the rise of second-hand businesses, Burlington could have a good plan for handling unique goods.
Even though Burlington’s online business is small and probably not making money. So, some people wonder why they wouldn’t invest in the fastest-growing part of the market. They might say, “Our business is small now, but it could grow if we figure out an online strategy.” They might also say, “We need a backup plan in case something bad happens to our regular way of selling things.”
What Can You Find at Burlington Coat Factory and How Can You Save Money?
Burlington Coat Factory is a big store where you can buy things for men, women, kids, and even stuff for your home. If you go to the actual store, you’ll find more things than looking online. Women have many different clothes like dresses, business suits, work clothes, casual outfits, lingerie, shoes, and accessories. Apart from coats and clothes for everyone, they also sell home goods and decorations.
If you’re shopping online, you can pick the type of coat you want and then look at famous brands. They have a lot, including Anne Klein, Apple Bottoms, Baby Phat, Esprit, and many more.
Burlington Coat Factory says you can save up to seventy percent of money compared to other stores. They have well-known brands, and that’s why a lot of people like to shop there for coats and other things.
They also have some extra ways for you to save money, like checking their current ads on the website, entering to win a shopping spree, and signing up for email promotions. Just like many stores, Burlington has a credit card you can use, and you can also buy gift cards.
How Is Burlington Doing Financially?
Burlington Stores recently shared their money information. They earned $9.34 billion in the last twelve months (TTM). In 2022, they made $8.56 billion, less than the $8.99 billion they made in 2021. Revenue is the total money a company gets from selling things, and it doesn’t include any expenses.
Here’s a simple look at their revenue over the last few years:
- 2023 (TTM): $9.34 billion (Up by 9.08%)
- 2022: $8.56 billion (Down by 4.77%)
- 2021: $8.99 billion (Up by 58.11%)
- 2020: $5.68 billion (Down by 19.59%)
- 2019: $7.07 billion (Up by 6.97%)
How Many Stores Does Burlington Have In The U.S.?
As of November 2023, there are 1,023 Burlington stores in the United States. These stores are in 47 states and territories and 716 cities.
Texas has the most Burlington stores, with 105 of them. That’s about 10% of all Burlington stores in the United States.
Houston has the most Burlington stores in one city, with 14 of them. This is about 1% of all Burlington stores in the United States.
Here are some numbers for a few states:
Texas has 105 stores, about four for every 1 million people.
California has 116 stores, about three for every 1 million people.
Florida has 94 stores, about four for every 1 million people.
New York: 66 stores, about three for every 1 million people.
These numbers help us see how many stores there are compared to the population in each state. For example, Texas has about four stores for every 1 million people.
Is Burlington A Good Stock To Buy?
Burlington Stores, Inc. is a big company that sells clothes and other stuff. They are on the Fortune 500 list, which means they are one of the biggest companies in the country. They have stores in the United States and Puerto Rico selling things like clothes for ladies, men, and kids, furniture for babies, accessories, home decorations, and coats.
For investors who like to follow the stock market, Burlington Stores, Inc. is ranked as a #3 (Hold) on the Zacks Rank, with a VGM Score of B. If you’re into momentum investing, you might be interested to know that their stock. It is represented by the letters BURL and has a Momentum Style Score of B.
In the last four weeks, the value of their shares has increased by 6.6%. Some experts who predict how well a company will do have looked at Burlington Stores, Inc.; four of them recently thought the company would make more money. They adjusted their guess for how much money the company will earn in 2024, and now the average guess is $5.73 per share. Burlington Stores, Inc. has also been surprising people by making more money than expected, with an average surprise of 9.4%.
What Are The Alternatives To Burlington Coat Factory?
Burlington Coat Factory is now just Burlington, and it’s a great store for finding good deals on many different things like clothes and home decorations. But if you want more options for discounted shopping, here are some other stores you can check out:
- T.J. Maxx: They have an extensive selection of clothes and home stuff; you can also shop online.
- Marshalls: Similar to T.J. Maxx, they have reasonable prices, especially for shoes and men’s items.
- Sierra: If you’re into outdoor gear and sports, this is a good option within the same family as T.J. Maxx.
- Ross Dress for Less: They compete with Burlington and offer discounted name-brand items.
- Stein Mart: If you prefer online shopping, Stein Mart has women’s fashion and home decor at affordable prices.
- Bealls Outlet: They offer brand-name clothes and more at lower prices.
- Dillard’s Clearance Centers: If you like designer brands but not the high prices, this is
A good choice.
- Nordstrom Rack: It’s like a more affordable version of Nordstrom, offering designer labels at discounted prices.
- Saks Off 5th: Like Nordstrom Rack, it’s a place for discounted designer merchandise.
- Bloomingdale’s Outlet: This store has luxury brands at reduced prices, falling between Nordstrom Rack and Saks Off Fifth in terms of cost.
These stores are good alternatives if you’re looking for deals on quality products like clothes and home items.
Final Words
In the end, there is no evidence to suggest that Burlington Coat Factory is going out of business. The company continues to operate with over 1,000 stores across the United States. It is serving customers in various states and territories. Burlington has a strong presence, and its recent expansion and store openings indicate ongoing business activity.
While the retail landscape can be challenging, Burlington’s commitment to offering low prices on various products for families and homes contributes to its resilience. Individuals need to stay updated with reliable sources for the latest information. However, based on the currently available data, Burlington Coat Factory is not going out of business.
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