Restoration's board of directors will entertain offers from other parties until Dec. 13. If Catterdon's offer is uncontested, the parties expect the transaction to close during next year's first quarter.
During its fiscal year's second quarter, which ended Aug. 4, Restoration reported a net loss of $5.5 million compared to a $1.2-million gain during the same year-ago period. Revenues during the quarter rose to $183.8 million, from $179.3 million, and executives predicted a 6% to 7% increase for the year.
In August, management announced that it was cutting 100 positions at its headquarters. The move was to save the company $9 million annually.
Greenwich, CT-based Catterton Partners is a $2-billion private-equity fund. Retailers in which it has invested in the past include Baja Fresh Mexican Grill, Build-A-Bear Workshop and P.F. Chang's China Bistro.
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