Restoration Hardware Rejects Final Sears Bid

Struggling home specialty chain Restoration Hardware said it will proceed with its original plan for a merger/acquisition by an investment group led by Catterton Partners, even after Sears Holdings claimed its revised bid was richer than Catterton's.

Restoration Hardware said it had determined that the Sears bid "was not reasonably likely to result in a superior proposal under the terms of the [Catterton] agreement and plan of merger because, among other considerations, the proposal was subject to significant uncertainties compared to the agreement and plan of merger."

Sears waited until the last day of the RH "go-shop" period, Feb. 28, to make its most recent offer, which pegged the buyout at $4.55 per share plus other considerations. Catterton's latest bid was $4.50.

In the most recent fiscal year results available, Restoration Hardware showed fiscal 2006 net income of $3.2 million on revenues of $712.8 million. The company operates 111 stores and does considerable direct-to-consumer sales through catalogs and online.

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

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!