Management solidified its new strategic foundation during this time period as a multi-category off-price retailer and embarked on the Company’s mission to reduce comparable store inventories, accelerate new store openings in a smaller store footprint, significantly increase its merchandising headcount, and grow key underdeveloped categories, e.g., Home and Ladies Apparel.Burlington clarified its strategy and value proposition as a pure off-price retailer, and adjusted its approach to its merchandising, supply chain and real estate site selection strategies accordingly.Fred Hand, currently Chief Customer Officer and Principal, joined the Company.Thomas Kingsbury was hired as President and Chief Executive Officer of the Company.At that time, the Company operated 368 stores and generated $3.4 billion in annual sales. Burlington was acquired by Bain Capital.
By 2005, the Company operated 362 stores in 42 states, with $3.2 billion in annual sales.In 1999, Burlington launched its ecommerce website, giving the Company its first online presence.Burlington opened its first two stores on the West Coast during this time period, including one store in San Francisco and one store in San Jose.By the end of the 1980s, the Company operated 134 stores in 37 states, with net sales over $600 million.The Company operated 31 stores at the time of the IPO, and with the capital raised proceeded to double its store count to 68 stores by 1985. Burlington Coat Factory became a public company for the first time with an IPO in June 1983.By 1982 the Company exceeded $130 million in annual sales. New merchandise categories were added, including Ladies Sportswear, Men’s Active, Tailored Clothing, and Children’s apparel.The Company opened 29 additional stores during this time period.First year Company sales were $1.5 million. The Company’s initial strategy was to offer a broad range of first-quality, branded outerwear for the family, with prices substantially below department store retail prices on similar merchandise. In 1972, Burlington started its retailing business, opening its first Burlington Coat Factory store in Burlington, NJ. Burlington’s roots go back to 1924 when the Company was founded as a wholesaler of ladies coats and junior suits.
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