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Restoration Hardware Inc., the home-furnishings chain being pursued by Sears Holdings Corp., said Thursday that Catterton Partners might buy it for a third less than a previous agreement.
Catterton and Restoration Hardware agreed on a price of $179 million, or $4.50 a share, down from $267 million earlier, Restoration said. The private-equity firm is also providing a $25 million loan for “working capital,” Restoration Hardware said.
The home furnishings chain said it is facing “increased pressure” as consumers cope with a weak housing market and higher fuel and food prices.
Sears’ offer: Hoffman Estates-based Sears bid $269 million for Restoration Hardware last year.
Chris Brathwaite, a spokesman for Sears, declined to comment.
