Restoration Hardware Names Former Williams-Sonoma President CEO

Corte Madera, CA–Home goods cataloger/retailer Restoration Hardware has named former Williams-Sonoma president/chief operating officer Gary Friedman CEO. Friedman, who also joins the company’s board of directors, replaces Stephen Gordon, Restoration Hardware’s founder/chairman/CEO, who will remain as chairman. President/chief operating officer/director Tom Christopher is leaving the company to pursue other business interests, according to a statement.

In a separate announcement, Restoration Hardware has signed an agreement with an investor group led by Palladin Capital and Reservoir Capital to raise $15 million through a private placement of convertible preferred stock representing up to approximately 30% of the outstanding capital stock of the company. Friedman also participated in the placement as an investor.

Meanwhile, Restoration Hardware released its financials for the fourth quarter and year ended Feb. 3. Highlights for the quarter included a 5.7% increase in comparable store sales, which helped to drive 24% growth in total sales. For the year, the company posted an operating profit of $900,000 on net sales of $369.5 million. The previous year, it reported an operating loss of $3.4 million on sales of $298.9 million.