Catterton Partners is buying out Restoration Hardware Inc., the home-goods retailer with a store in the private equity firm”™s home base of Greenwich, as well as in Westport.
Catterton Partners is paying $267 million for the chain, which had an $8 million loss on $184 million in revenue in its second fiscal quarter ending Aug. 4.
Based today in Corte Madera, Calif., Restoration Hardware was founded in 1979 by Stephen Gordon, after he unsuccessfully sought authentic period hardware as he was remodeling his home in Eureka, Calif. The company went public in 1998.
Restoration Hardware has 102 stores and eight factory outlets; as well as a manufacturing arm called the Michaels Furniture Company Inc.
As of August, Restoration Hardware had 4,000 employees; earlier this year, the company cut 100 headquarters staff positions.
Last summer, Restoration Hardware inked a deal to build an 800,000-square-foot warehouse in West Jefferson, Ohio, to supply its East Coast retail stores and fulfill delivery orders placed directly by customers.
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