By  on November 21, 2007

Sears Holdings Corp. said it bought about a 13.7 percent stake in Restoration Hardware Inc. and is considering acquiring the company, according to a Securities and Exchange Commission filing late on Monday.

Sears said in the filing that it paid $30.2 million cash to acquire 5.3 million shares of the hardware specialty retailer.
The announcement came only two weeks after Restoration Hardware agreed to be taken private for $267 million.

Sears Holdings, which owns Kmart and Sears, said it "intends to evaluate [Restoration Hardware] and the desirability of proposing an acquisition." The company also said it might make a tender offer for all or some of Restoration's shares or purchase shares on the open market, seek representation on the board or look to acquire or influence control.

In July, WWD reported there was speculation that Edward Lampert, chairman of Sears Holdings and founder of ESL Investments, which bailed Kmart Holding Corp. out of bankruptcy and later facilitated the merger between Kmart and Sears, Roebuck and Co., was trolling for acquisition targets.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus