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Exhibit
99.1
RESTORATION HARDWARE SAYS IF SEARS
SIGNS SAME CONFIDENTIALITY/ STANDSTILL AGREEMENT AS OTHERS IT WILL
PROVIDE CONFIDENTIAL INFORMATION
Corte Madera, CA —
November 27, 2007 — In response to media and other
inquiries concerning the Schedule 13D amendment filed by Sears
Holdings Corporation on Monday, November 26, 2007, the
Independent Committee of Restoration Hardware’s Board of
Directors stated if Sears will agree to execute the customary
confidentiality and standstill agreement on substantially the same
terms that other parties have signed, it would be pleased to
provide Sears with the confidential information it
requested.
“While Sears has announced its
willingness to sign a confidentiality agreement, there is no
agreement on terms and, to date, instead of agreeing to the
standstill agreement to which other interested parties have agreed,
Sears has proposed to reserve the right to launch a tender offer
outside the process,” the Independent Committee said in a
statement today.
The Committee stated that it is
encouraged by Sears’ current proposal at $6.75 per share
based upon publicly available information, which is a vast
improvement over its prior proposal at $4.00 per share. At the same
time, the Committee stated that it believes that stockholder value
will be maximized if Sears participates inside the process with
other interested parties.
“Sears is an American icon,”
said Ray Hemmig, Chairman of the Independent Committee. “We
are flattered that it is interested in learning more about our
company. We welcome its participation in the process along with the
other interested parties. However, the Committee is firmly
committed to a fair process that will yield the best results for
all stockholders and believes that process is best served through
all parties agreeing to the proposed standstill terms without
preferential treatment of one party over another.”
On November 8, 2007, Restoration
Hardware announced a merger agreement with Catterton Partners. In
that announcement, the Company said that under the terms of the
agreement, the Independent Committee of the Company’s Board
of Directors, consistent with its fiduciary duties, would be
soliciting competing proposals from third parties during a 35 day
period ending December 13,
2007. On November 19, 2007, Sears filed a Schedule
13D with the SEC indicating that it had accumulated shares equaling
just under a 14% ownership position in the Company.
About Restoration
Hardware
Restoration Hardware, Inc. is a
specialty retailer of high quality home furnishings, bath fixtures
and bathware, functional and decorative hardware, gifts and related
merchandise that reflects the Company’s classic and authentic
American point of view. Restoration Hardware, Inc. sells its
merchandise offering through its retail stores, catalog
(800-762-1005) and on-line at www.restorationhardware.com. The
Company c
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