Sears gives acquisition draft to Restoration Hardware  

Hoffman Estates, Ill. – Merchandising conglomerate Sears Holdings yesterday formally proposed an all-cash bid of $6.75 per share in its acquisition move on home furnishings specialty retailer Restoration Hardware.

The Sears proposal would surpass the approximately $260 million bid made Nov. 8 by investment firm Catterton Partners. The Catterton offer (proposed through its Home Holdings entity) was set at $6.70 per share.

Sears Holdings, which first expressed its acquisition interest to RH executives in June 2007, recently became the largest stockholder in Corte Madera, Calif.-based Restoration Hardware (RH) with 13.6% of voting shares. Under the terms of the standing agreement between RH and Catterton, Thursday, Dec. 13 was the last day that RH was to solicit competing proposals for a third-party transaction.

The Sears proposal, delivered in draft form to RH, gives Sears time to further evaluate the company’s finances and some maneuvering room as to how it may ultimately effect an acquisition.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • The Countdown to the ICON Honors Continues featuring Christophe Pourny

    Camera Icon More Videos


HTT digital edition

See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!