Burlington Coat Factory Parent Files for IPO
NORTH BURLINGTON, N.J.-Burlington Holdings, the parent company of off-price retailer Burlington Coat Factory, has filed an S-1 form with the U.S. Securities and Exchange Commission for an initial public offering.
The number of shares that will be offered and the price range have yet to be determined, according to a Burlington Holdings statement. This will be the second time the retailer will be going public. As stated in the filing, the company, which was founded in 1972, originally went public in 1983. It was taken private in 2006, when Bain Capital Partners acquired it.
The filing also stated that Burlington Holdings' net revenues for the fiscal year ending on Jan. 29 were $3.7 billion, down 4.8 percent from the prior fiscal year. Net income totaled $31 million for the fiscal year, compared to a net loss of $6.3 million from the previous fiscal year. In HFN's listing of the top 50 retailers of home furnishings last year, Burlington Coat Factory ranked 41st with about $828 million in 2011 home furnishings sales.
J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Goldman, Sachs & Co., and Wells Fargo Securities will serve as joint book-running managers in the proposed offering, the company's statement said.