Restoration Hardware Shareholders Approve Buyout
Corte Madera, Calif. Restoration Hardware Inc. said its shareholders approved selling the company to the private-equity group Catterton Partners for about $179 million.
The company said Thursday that more than 99% of the votes cast at the meeting were in favor of the deal.
Catterton Partners will buy the outstanding shares of the company for about $4.50 per share in cash.
Restoration Hardware said the deal should be completed next week.
The retailer said it also reached a preliminary agreement for the settlement of a shareholder complaint filed in a California state court against the company, its directors, Catterton Partners and certain shareholders participating in the acquisition.
Under terms of the settlement, the suit will be dismissed with prejudice and the company will establish a fund of $3.7 million to be paid to shareholders when the acquisition deal closes.
The company said it settled the case to “expedite the closing” of the acquisition.
Report: Gap Inc. focus on retooling stores
NEW YORK Gap Inc. is refocusing its efforts on using its existing real estate to create smaller stores, rather than open new stores, ceo Glenn Murphy siad at the PiperJaffray conference, according to The Associated Press.
According to the AP, Murphy said that Gap has too many stores that are too large for anything other than flaghsips or signature locations. The stores are 12,500 square feet each. Murphy said stores should ideally be between 6,000 square feet and 10,000 square feet.
Winn-Dixie: Publix, Albertson’s deal won’t affect performance
JACKSONVILLE, Fla. Commenting on the recent news that Albertson’s LLC will sell its 49 Florida stores to Publix Super Markets, Winn-Dixie chairman, president and ceo Peter Lynch, said that the transaction should not have a major impact on his company’s performance.
“Based on our analysis, only 10 of the 49 stores are within a two-mile operating radius of a Winn-Dixie location that does not currently compete with an existing Publix,” said Lynch. As a result, we do not believe this transaction will have a material impact on our long-term strategy or performance. Our remodeled stores continue to generate positive results. As we move forward, we will monitor business conditions and fine-tune product assortment, pricing and merchandizing efforts in each store to meet the needs of the communities we serve.”
Albertson’s said it has accepted an offer from Publix Super Markets to purchase 49 of the company’s stores in Florida. The company intends to operate its remaining Florida division stores with the ongoing support of its distribution center in Plant City and division office in Lake Mary, Florida. The acquisition is expected to be complete in September.