Burlington Coat Factory Warehouse Remains In New Jersey, Invests $41 Million In New Headquarters
"Burlington Coat Factory is a fixture in New Jersey's business community and a globally-recognized brand name among consumers," said Governor Chris Christie. "Their decision to stay and grow in the Garden State is a clear sign that the New Jersey Comeback is underway. Thanks to the efforts of Lt. Governor Kim Guadagno, the Business Action Center and the Economic Development Authority, Burlington Coat Factory will continue to call Burlington County, New Jersey home."
"This Administration is dedicated to improving our state's economy and creating jobs for New Jersey families using every tool possible," said Lt. Governor Kim Guadagno. "Through the GrowNJ program, we estimate Burlington Coat Factory's investment will return a net benefit to the state of $165.53 million over the 15 years the company would be committed to keep the jobs in New Jersey."
"On behalf of Burlington Coat Factory, I would like to thank Governor Christie, Lt. Governor Guadagno and the State of New Jersey for making it possible to maintain our corporate headquarters within the state," said Burlington Coat Factory President and CEO Thomas Kingsbury. "We are very excited and look forward to many more years of continued growth in New Jersey."
As part of a package of incentives, New Jersey Economic Development Authority recently approved a $40 million GrowNJ award for Burlington Coat Factory over 10 years. In addition to GrowNJ, the Board also approved the company's application for a $1.2 million Sales Tax Exemption on eligible expenses incurred at the project site.
Senator Diane Allen praised action taken by the New Jersey Economic Development Authority to keep Burlington Coat Factory from moving to Pennsylvania.
"I'm pleased that the `Burlington' will remain more than just a name for Burlington Coat Factory," said Allen. "We've seen too many businesses and jobs relocate to more affordable pastures in Pennsylvania over the years, but losing this one would have been a huge blow to Burlington County."
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