I just got word that Restoration Hardware is being sold to a private equity firm for $267 million. This is interesting in that companies are often sold like this when they're not doing well, in hopes that the equity company can turn them around (see: Chrysler). This isn't a huge surprise to me. A few weeks ago, I went to their warehouse sale outside of Baltimore, which they generally have twice a year. They've been having them every month recently and the warehouse was full of unsold furniture. As I said in that post "Good for us, bad for them". Hmmmmm....
Sounds like a little accumulated karma to me - all those copied designs. Even after the big payout, I hope karma will have a few surprises in store for the founders.
ReplyDeleteI just got a "friends and family" sale card from them--20% off EVERYTHING Nov. 15-18. That's a big chunk for a store like this; they must really need to unload some inventory. Did everyone get this? Because I don't shop there that much.
ReplyDelete$267 million sounds surprising low.
ReplyDeleteI haven't bothered to look at their financials, but the stock price has nosedived over the course of this year.
It will be interesting to see what the buyer does with the company.
That's so disappointing! I had no idea :(
ReplyDeleteLoving your blog by the way ;) Happy 200th!!
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