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Sears (SHLD) has offered $6.75 a share for small retailer Restoration Hardware (RSTO). Given the headaches that Sears has, it is amazing the the company would take the time and effort to own such a marginal retailer.
Sears trades at about $114, fairly near its 52-week low and well below the period high of over $195. RSTO trades at $7 now, but in early October it was changing hands at $3.50. It is hard to see how it could be worth nearly double that.
In the last reported quarter, RSTO lost almost $8 million on $184 million in revenue.
Quite a prize.
Douglas A. McIntyre
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