Burlington Bought - PhillyBlog

eldondre · #1 (**permalink**) 01-18-2006, 04:09 PM

Quote:

Burlington Coat Factory Warehouse Corp. said Wednesday it has agreed to be acquired for $2.06 billion.

Bain Capital Partners LLC will buy all outstanding shares of Burlington Coat (NYSE: BCF) for $45.50 each.

Burlington Coat stock was trading at $44.11 Wednesday afternoon, down 1 percent.

The deal has been approved by Burlington Coat's board, but is subject to approval by shareholders and regulators.

The Burlington City, N.J., company, founded in 1972 by the Milstein family, has 367 stores in 42 states. Most stores trade under the Burlington Coat Factory name.

Through commitments from members of the Milstein family and affiliated entities, Bain Capital has merger approval from representatives of 62 percent of the current shares outstanding.

"We are thrilled that a transaction with Bain Capital delivers significant value to our stockholders," said Monroe Milstein, Burlington Coat Factory's chairman, president and CEO. "We are very proud of what the company has accomplished over the past 30 years."

Boston-based Bain Capital is a private investment firm with more than $27 billion in assets under management. It has investments in Toys "R" Us, Burger King, Staples, Shopper's Drug Mart, Brookstone, Domino's Pizza, Sealy Corp., Sports Authority, Duane Reade and Dollarama.

"Burlington Coat Factory is a well-managed retail business with a strong consumer following, high-quality product offerings, and good growth prospects," said Jordan Hitch, a managing director at Bain Capital.

Details about the future of Burlington Coat Factory's stores and employees were not disclosed in the initial announcement.

http://www.bizjournals.com/philadelp...ml?t=printable

Bryson662001 · #2 (**permalink**) 01-19-2006, 01:01 AM

367 stores in 42 states? I didn't know that...pretty impressive I would say. I'll bet ours is one of the higher volumn stores...which doesn't mean it is profitable, but it probably is.

Scoop0901 · #3 (**permalink**) 01-19-2006, 02:25 AM

Launched in 1972, huh? Wow! I remember going there as a kid with my mother, then up to a "scientific" store (I want to say it was in Edison, but I'm not sure -- heck, it may have been Edmund Scientific, but that website's down, so I can't even check it out and see) to get a chemisty lab kit for me. Yes, even back then I was a geek. I just never wore pocket protectors.

WashWestDad · #4 (**permalink**) 01-19-2006, 12:19 PM

[rant]
This probably belongs in one of the many "lousy customer service" threads, but the 11th and Market store is one of the worst places to shop in all of Center City. I waited for 10 minutes to return something. Not 10 minutes in line, 10 minutes standing at the "customer service" counter, waiting for a manager to come and authorize a return. Why staff the "customer service" counter with someone who can't do returns? This was not the first time, either. It's S.O.P. apparently. It's madness, i tell you, madness.

And it's not even a refund, since they don't give you cash back, only a gift card. That's why stuff is so cheap. And if you have a kid, it's the best place in CC to get all those little kid things. I just grit my teeth every time i go there.

[/rant]