Sales for the quarter ended Nov. 3 were $173.7 million, up from sales of $157.1 million a year ago in the same period
Because it is waiting for a proposed sale to Catterton Partners, Corte Madera-based Restoration Hardware (NASDAQ: RSTO) won't have an earnings conference call about these results. The company agreed to be sold to the Greenwich, Conn., private equity firm for $6.70 a share, or about $267 million, in early November. Catterton is led by Michael Chu.
Later in November, Sears, the Hoffman Estates, Ill.-based operator of Sears and Kmart stores, said in a regulatory filing that it was willing to offer to pay $6.75 per share to acquire Restoration Hardware. Sears has a 13.7 percent stake in the company.
Restoration Hardware's board said it was willing to provide confidential company information to Sears if Sears was willing to enter into a standstill agreement.
Standstill agreements are often used as defenses against hostile takeovers. Suitors that enter into such agreements typically agree to limit their holdings in a targeted firm and other restrictive measures, often giving the target company a chance to establish other defenses.
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source: bizjournals.com
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