Restoration Hardware passes over Sears proposal

Share this article:

Restoration Hardware Inc. has determined that the most recent Sears Holdings proposal to acquire is not better than one already on the table from Catterton Partners.

A “go-shop” period during which Restoration Hardware was permitted to encourage alternative proposals to the $179 million bid it accepted from Catterton in January ended on February 28. During that period, Restoration Hardware said it made numerous efforts to engage with Sears, which had previously made its own offer for the multichannel specialty retailer, but did not receive a proposal until the final day.

After considering the terms of Sears' proposal, an independent committee determined it “was not likely to result in a superior proposal,” to the one offered by private equity firm Catterton, “because, among other considerations, the proposal was subject to significant uncertainties” compared to the other deal.

Since Catterton made its first bid of $279 million for Restoration Hardware in November, the retail landscape has changed dramatically thanks to poor holiday results and a worsening economy. As a result, there have been widespread cutbacks, including at Sears, and many retailers are scaling back their growth plans for the coming year.

Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

7 Ways to Take Your Marketing Strategy to the Big Leagues

7 Ways to Take Your Marketing Strategy to ...

A game-winning omnichannel strategy must be seamless, synchronous, and symbiotic.

Pet World's Multichannel Marketing Is a Whole Other Animal

Pet World's Multichannel Marketing Is a Whole Other ...

The family owned pet store redesigns its website to bring the in-store experience online.

Complexity's What Marketers Got, Simplicity's What They Want

Complexity's What Marketers Got, Simplicity's What They Want

Customer insights managers want campaign management tools to remain easy to use, even as they up their games with multi-layered campaigns.