Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
(AP) - A SUCCESSFUL DEBUT: Shares of Burlington Stores Inc. soared 47 percent on their trading debut Wednesday while the broader markets closed lower.
THE DETAILS: The company sold 13.3 million shares for $17 each, raising about $226.1 million. Its stock rose $8.01 to close at $25.01.
BEHIND THE SURGE: The surge underscores investors' appetite for stakes in retailers that offer popular brands at deep discounts. That area has been a sweet spot of the slow recovery. Burlington sells coats and other clothing at deep discounts to top brands, appealing to still shoppers still smarting from the recession.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
