Restoration deal unlikely for Sears Holdings

CORTE MADERA, Calif. Restoration Hardware announced today that a deal with Sears Holdings is unlikely and that it would be going forward with a merger with Catterton Partners.

Restoration said that the "go-shop" period it provided for others to submit alternative proposals ended today, with Sears submitting its proposal at the end of the process. According to the company, it made a number of efforts to engage Sears Holdings in the process.

After reviewing Sears' proposal, Restoration said it determined it was not a superior proposal to the one made by Catterton.