The victim, a man in his 30s, was walking on Pendle Street, onto the Greenway, when he was approached by four men at around 5.30pm on Sunday (December 29).
It is believed that three of the men were wearing balaclavas, while a fourth man had his hood up.
One of men started to punch the victim before hitting him with a baseball bat.
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The attackers took two Samsung mobile phones, £150 in cash, an Adidas bag and a cream and blue-coloured North Face jacket.
The victim was taken to hospital for treatment.
A man was later arrested by police in connection with the incident.
DC Phil Scott, of Burnley CID, said: “This was a shocking attack which left the victim requiring hospital treatment.
“While we have made an arrest, we are keen to speak to anyone with information or who saw what happened.
“Several items were stolen from the victim, including a distinctive jacket.
"We know someone can tell us who is responsible.”
Detectives are appealing for information and are keen to speak to anyone who saw what happened.
Anyone with information can contact police on 101 or email [email protected] quoting log 1035 of December 29.