“Burlington is a fast-growing Fortune 500 company, and they have committed to invest hundreds of millions of dollars in our economy and create 2,000 new jobs in our Commonwealth as part of the largest headquarters relocation to the city in years," said Governor Shapiro. “Our economic development strategy makes smart, targeted investments to make choosing Pennsylvania an easy yes for major companies like Burlington, create good-paying jobs in our Commonwealth, and strengthen our communities.”

Burlington Stores, Inc. operates 1,300 stores in 47 states throughout the country. 

Under the deal struck, Burlington Stores, Inc. received a $20 million Redevelopment Assistance Capital Program (RACP) grant from the Pennsylvania Department of Community and Economic Development and a $10 million Pennsylvania First grant.

In addition, the City of Philadelphia will be providing Burlington Stores with a $7 million forgivable loan and a Job Creation Tax Credit award. SEPTA and the Philadelphia Parking Authority will be providing deep discounted commuter savings for new Burlington employees in the City.

“These employees will become part of the daily life of our central core and University City, working, shopping, dining and supporting businesses throughout Philadelphia,” said Philadelphia Mayor Cherelle L. Parker. “Through SEPTA Key Advantage, we’re also making it easier for Burlington employees to get to work and experience all our city has to offer.”

Michael O’Sullivan, CEO of Burlington Stores, said they are excited about the move to Philly. 

 “We are one of the fastest growing retailers in America, and as we evaluated different options for our new corporate home, we were strongly attracted to the energy, talent, and infrastructure that Philadelphia has to offer. Add to that, we found the vision and priorities articulated by the Mayor and the Governor extremely compelling — fiscal health, education and training, and economic opportunity for all. We look forward to supporting and being part of that vision," said O'Sullivan.

New Jersey business groups blamed the state's economy and tax structure for the departure of the company. 

“It is very sad that New Jersey is losing Burlington Stores, which is an iconic brand in our state named for one of our own municipalities, as well as another Fortune 500 company,” said Michele Sierkerka, president & CEO, of the New Jersey Business and Industry Association (NJBIA.)

Christina M. Renna, president & CEO, of the Chamber of Commerce Southern New Jersey (CCSNJ), says that their organization has “warned about the cumulative impact that New Jersey’s high taxes, increasing employer costs and regulatory burdens can have on the state’s competitiveness.”

"When a company founded in South Jersey can move just a few miles across the Delaware River and find a more attractive environment for its future headquarters and growth, we need to pay attention," Renna added. “New Jersey does not compete for jobs and investment in a vacuum. Our neighboring states are aggressively pursuing businesses with competitive tax structures, economic incentives and policies designed to attract investment and encourage growth."

“While corporations make these decisions for a myriad of reasons, we cannot and should not ignore the impact our state’s tax policies and anti-business policies have on our overall competitiveness. Nor should we diminish the loss of executive presence in our state, the number of new jobs that New Jersey will not have, and the amount of property tax lost from a 441,000-foot facility," Sierkerka said in echoing concerns about the business climate in New Jersey. 

NJBIA noted that New Jersey has a corporate tax rate at 11.5 percent while Pennsylvania's rate is 4.9 percent. 

The announcement of Burlington Stores, Inc. did not include a specific date as to when the corporate offices will be moving.