Restoration Hardware files plan for $150 million IPO
Casual Living Staff -- Casual Living, 9/12/2011 11:12:34 AM
Top 100 company Restoration Hardware Holdings has filed to go public, saying it expects to raise as much as $150 million through the sale of stock, Bloomberg Businessweek reported.
Restoration has been public before but was taken private by management and equity fund backers in June 2008 as the high-end home furnishings chain struggled with losses.
Restoration Hardware says it now hopes to transform itself from a niche brand into a larger home furnishings entity, with plans to lure wealthy customers from designer showrooms and smaller, independent competitors, according to the Bloomberg report.
The company has about 100 stores in the United States and Canada. It plans to open more and expand the existing locations, and to beef up its catalog and online marketing.
Restoration Hardware lost money in fiscal 2009 and 2010, but in the second quarter of this year, revenue climbed 19% to $236 million and net income climbed 53% to $7.5 million.
The company said it would use the money raised from investors to pay down debt and for general corporate purposes. It didn't say when it expects to go public, Bloomberg reported.
Restoration Hardware ranked No. 25 this year on Furniture/Today's Top 100 based on furniture, bedding and decorative accessories sales of an estimated $292 million in 2010.
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