Monroe Milsten, Founder of Burlington Coat Factory, Dies at 98
Burlington Coat Factory exterior. Photo: Flickr
Monroe Milstein, the enterprising businessman who transformed a modest New Jersey coat store into the national retail powerhouse Burlington Coat Factory, passed away earlier this month at the age of 98 from dementia.
Monroe Gerald Milstein was born on Jan. 14, 1927, in the Bronx, New York, to his mother, Ann Milstein, and father, Abe Milstein — founder of Amherst Fashions. When Monroe was 11, the family moved to Manhattan. He graduated from DeWitt Clinton High School in the Bronx and earned a bachelor’s degree in business from New York University in 1946.
In 1949, Milstein married Henrietta Haas, an elementary school teacher who had fled the Holocaust. Henrietta later played an integral role in shaping Burlington’s children wear division. She passed away in 2001.
In 1972, Milstein and his wife purchased a defunct factory in Burlington, New Jersey, for $675,000 with the goal of transforming it into a retail destination. The venture became Burlington Coat Factory, selling discounted designer and brand-name coats for women, men, and children. Eventually, the store’s offerings grew to include home linens, menswear, baby clothes, and shoes, laying the foundation for a nationwide retail empire.
Three years after the initial purchase, Burlington Coat Factory opened its second location in Copiague, Long Island. According to Family Business Magazine, Milstein’s eldest son, Lazar, was the store manager and, as an Orthodox Jew, would not open the store on Saturdays, the Jewish Sabbath.
In 1982, Milstein shut down Burlington’s wholesale operations and reoriented the company’s focus entirely to discount retail. Just a year later, in 1983, he took the company public when it operated only 32 stores — injecting the capital needed to fuel a rapid retail expansion.
In 2006, Bain Capital bought the company for $2.06 billion, with the Milstein family cashing out its stake for $1.3 billion. Milstein exited the business., and two of his sons, Andrew and Stephen, continued in executive positions for a period. The company returned to the public market in 2013.
“I’m a very average fella,” Milstein said on his 80th birthday regarding his business ventures. “I got lucky.”
During Milstein’s tenure, Burlington Coat Factory carved out a niche in the retail world by delivering brand-name goods at significant discounts. By the early 2000s, when he transitioned out of day-to-day management, the business had evolved into a national chain with hundreds of stores and a customer base numbering in the millions annually.
Burlington has grown to become the third-largest off-price retail chain in the US, following industry leaders TJX Companies (which operates TJ Maxx and Marshalls) and Ross Stores. Today, Burlington operates around 1,100 locations across the US, raking in roughly $10.6 billion in sales over the past 12 months.
In 2003, Milstein remarried and was with Judith Kirshenbaum for 22 years.
He is survived by his children, including his stepson Barry, grandchildren, and great-grandchildren, many of whom continue to carry forward his values of hard work and integrity.
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