ATLANTA - Restoration Hardware Inc., the California-based home-furnishings chain, agreed to be acquired by buyout firm Catterton Partners for $267 million.
The $6.70-a-share offer is more than double Restoration's closing price Wednesday, the company said yesterday. The company, which has 110 locations in 30 states, said it will solicit higher offers until Dec. 13.
The chain, hurt by the worst housing slump in over a decade, faces a third losing year in the last five. Founded as a specialty retailer of fixtures for older homes, Restoration sells furniture, lights, and bedspreads and had $712.8 million in revenue last year.
Chief executive Gary Friedman has cut about 100 jobs to save $9 million a year.
Shares jumped $3.76 to $6.44. They had declined 69 percent this year before yesterday.
