CORTE MADERA, CA-Restoration Hardware’s board of directors has approved a $179-million, or $4.50-per-share, buy-out from private-equity firm Catterton Partners. As part of the deal and whether or not it closes, Catterton is providing the 102-store-chain with a $25-million loan for working capital purposes.

The bid comes after a $6.75-per-share offer from Sears Holding Corp. late last year that was apparently marred by the two parties failing to sign a confidentiality agreement. An original agreement was signed with Catterton on Nov. 8, valued at $267 million.

Restoration will take competing proposals from other entities, including Sears, until Feb. 28. If the Catterton-Restoration deal goes through, the parties expect to close the acquisition by the end of the first quarter.

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.

During the nine-week holiday period that ended Jan. 5, Restoration’s net revenue was $171.5 million, down 1% from the same year-ago period. The retailer posted a $12.9-million loss during its third quarter, which ended Nov. 3.

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