BURLINGTON, N.J., April 13, 2020 (GLOBE NEWSWIRE) -- Burlington Stores, Inc. (NYSE: BURL), a nationally recognized off-price retailer of high-quality, branded apparel, footwear, accessories, and merchandise for the home, provided an additional update regarding the impact of COVID-19 on its business operations.

Michael O’Sullivan, CEO, stated, “Protecting the health and safety of our associates, customers and the communities that we serve is our top priority. Our stores and distribution centers remain closed temporarily, and will re-open when it is safe to do so. In response to the unprecedented circumstances that we face, we are continuing to take action across our business to best position Burlington for both the short and the long term.”

The Company provided two weeks of financial support to associates impacted by the previously announced store closures and by the shutdown of the distribution centers. Given the uncertain duration of these closings, the Company has temporarily furloughed most store and distribution center associates.

The Company will continue to provide benefits to furloughed associates, including paying 100% of their current health benefit premiums. In addition, the Company has established a hotline to assist impacted associates to help gain access to government assistance programs available from the recently passed fiscal stimulus package.

As part of its COVID-19 response, the Company has taken the following additional short term actions:

• Burlington’s CEO, Michael O’Sullivan, will not take a salary, the Company’s Board of Directors will forfeit their cash compensation, and the Company’s executive leadership team has voluntarily agreed to decrease their salary by 50%.
• Finalization of annual incentive bonus payments related to Fiscal 2019 performance, as well as merit pay increases for Fiscal 2020, have been delayed to later in the fiscal year after the Company has more clarity regarding the impact of COVID-19.

“The decision to furlough associates was extremely difficult, but it was necessary in order to protect the business during this unprecedented period of disruption. We look forward to welcoming our associates back once we are able to reopen our stores and operations,” Mr. O’Sullivan stated further.

As previously announced, the Company has suspended its share buyback program and continues to carefully reduce inventory receipts, manage working capital prudently including delaying payables, cut capital expenditures, work closely with landlords on the timing of rent payments, and aggressively reduce operating expenses during this period.

About Burlington Stores, Inc.

Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2019 net sales of $7.3 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol “BURL.” The Company operated 727 stores as of the end of the fourth quarter of Fiscal 2019 in 45 states and Puerto Rico, principally under the name Burlington Stores. The Company’s stores offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers' prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats.

For more information about the Company, visit www.burlington.com.