This is the second multi-billion dollar retail deal for Bain in the last month. In December, the firm and a group of investors agreed to acquire the Dunkin' Donuts chain for about $2.4 billion. Last March Bain, as well as Kohlberg, Kravis, Roberts & Co. and Vornado Realty Trust, bought the Toys "R" Us chain for $6.6 billion.

Bain is not the only private-equity firm investing in the retail industry as of late. Last month Sun Capital Partners bought discounter ShopKo Stores for close to $880 million. Also in December, a joint venture between Prentice Capital Management LP and GMM Capital LLC took Goody's Family Clothing private for about $290 million.

Don't expect to see private equity firms stop purchasing retailers any time soon, for better or for worse, says Howard Davidowitz, chairman of New York City-based Davidowitz & Associates, a consulting and investment banking firm. "We're going to be seeing this as long as these venture-capital firms have unlimited money and are under pressure to spend it."

Bain executives, who say that they plan to run the company similarly to how it has been doing business, have their work cut out for them, Davidowitz says. The chain faces tough competition from discounters like the TJX Cos. and Ross Stores and retailers will be facing a tough consumer environment due to high personal debt and energy prices, he says.

Nonetheless, Burlington turned in a strong performance during its most recent reported financial quarter, which ended Nov. 26. Year-over-year same-store sales were up 10.4% during the quarter, on sakes if $945.5 million. Income was up 4.5%, to $45.4 million.