The retailer priced the secondary offering of common stock at $25.75 a share. The shareholders selling the common stock have granted the offering's underwriters a 30-day option to buy ip to 1.8 million additional shares. The offering will close on May 6.
As Burlington Stores is not selling any shares, the company won't receive any proceeds from the offering.
"Burlington Stores, Inc. is a national off-price retailer of branded apparel, operating 503 stores, inclusive of an Internet store, in 44 states and Puerto Rico. The Company offers its merchandise using an Every Day Low Price (EDLP) model with savings up to 60-70% off department and specialty store regular prices. It provides its customers with a selection of fashionable branded product in women's ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home goods and coats. The Company merchandise from over 3,500 vendors, with a focus on nationally-recognized brands. This vendor breadth provides its customers with a treasure hunt experience of searching for great brands at great value. The Company's average store size is approximately 80,000 square feet, which is two to three times the size of its off-price competitors' stores."