Burlington Stores relocating headquarters from New Jersey to Philadelphia
Burlington Stores Inc., formerly known as Burlington Coat Factory, is moving its headquarters from New Jersey to Philadelphia as part of a multi-million-dollar investment.
The discount retailer said Thursday that the company's corporate headquarters is moving from Burlington Township to Market Street in University City.
"Burlington's decision to make Philadelphia its new corporate home is a powerful vote of confidence in our city, our people and the momentum we are building," Philadelphia Mayor Cherelle Parker said in a statement. "This move will bring up to 2,000 good jobs with family-sustaining wages to Philadelphia, while growing the number of Fortune 500 companies that call our city home. Those employees will become part of the daily life of Philadelphia. They will ride SEPTA, support our restaurants and small businesses, enjoy our neighborhoods and world-class attractions, and contribute to the energy of our city every day.
City and state officials said the move represents about a $370 million investment and is expected to create at least 2,000 new jobs over the next five years.
According to a news release, Philadelphia will support the project with an $8 million economic development package. The package includes a $7 million high-impact forgivable loan and $1 million through SEPTA Key Advantage to help Burlington employees with unlimited transit passes for one year, the press release says.
Burlington Stores Inc. has more than 1,200 stores across 47 states.
"Burlington is also already our neighbor, with eight stores serving communities across Philadelphia," Parker's said in a statement. "So, this feels like more than a relocation. It feels like a homecoming. Philadelphia is open for business."
