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Restoration Hardware Chief Steps Down
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Posted by
chijim (
My Page) on
Sat, Aug 18, 12 at 13:39
| Restoration Hardware Chief Steps Down
Posted: 17 Aug 2012 12:58 PM PDT
Apparently, Gary Friedman, the chair, and co-executive of Restoration Hardware, has stepped down from his post due to an "inappropriate relationship" with a 26-year old staffer at RH.
He's been the driving force behind much of RH's recent look - the airplane wing desks, the skeleton chairs, the burlap upholstery. As the New York Times puts it, "high-priced faux antique furniture".
This resignation comes as RH prepares for an initial public stock offering. Mr. Friedman is the majority stockholder. While he's out of the executive office, his name and face will appear in the store's fall catalogue - those early print deadlines can really be a problem. |
Follow-Up Postings:
RE: Restoration Hardware Chief Steps Down
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| I read that yesterday too and was thinking so what? Neither one is married (I don't think) and they are still together. Many people meet their SO at work. What's the big deal? |
RE: Restoration Hardware Chief Steps Down
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| Usually I'm not that interested in business stories. But for some reason, RH interests me --whether human interest stories such as this one, or more business oriented stories about wondering who buys RH's over-sized under-chroma'd furniture. Not surprisingly, there's more to the human interest story than was mentioned in the press release. I'm also really curious about the business turnaround too. Frankly, I find it hard to believe. Since they are a private company, are their numbers even available (prior to public offering)? |
Here is a link that might be useful: NYTimes story with comments
RE: Restoration Hardware Chief Steps Down
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| Ho hum, I think things have come to a sorry state when what consenting adults do behind closed doors is anyone else's business. It will be interesting to see if the new products are more interesting than the same-old, same-old they've been flogging for years. He'll do well with his new "incubator" company I'm sure. Wonder how lucrative his buy-out was? |
can we believe the comments?
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| BTW anyone can make comments to articles in newspapers, we don't know whether any of them are true. |
RE: Restoration Hardware Chief Steps Down
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| I guess the truth is out there somewhere. The ...a name change to Puritan Hardware... comment did make me laugh.
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RE: Restoration Hardware Chief Steps Down
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| I doubt that his relationship is the issue. It's something else entirely and eventually will make it's way out. |
RE: Restoration Hardware Chief Steps Down
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| mjlb, here is what I've seen on their numbers (article dated Sept 2011) Restoration Hardware lost money in fiscal 2009 and 2010, but in the second quarter of this year, revenue climbed 19% to $236 million and net income climbed 53% to $7.5 million. Not that I can claim much knowledge about IPO's but an estimated value of a billion seems aggressive - especially now that Friedman is out of the pic. |
Here is a link that might be useful: RH sales figures 2009 and 2010
RE: Restoration Hardware Chief Steps Down
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| 2 weekends ago we finally assembled the retro metal glider I'd bought at RH in 2003 (long story why it took so long, but the box had been stored at 3 houses along the way). It's such a stark contrast to the products they sell now. It's cheerful, human-scaled, brightly colored (sort of, not garish but it's butter yellow and white). I know companies change but they are in a weird place with some classic pieces like their bathroom fixtures and lighting versus some "near steam punk deconstructed" pieces where the scale is well suited to Andre the Giant. Outside of this stupid controversy about who was dating who and when, I will be interested to see how their product portfolio changes under the new leadership. I hope they can find a balance between kitschy and Klingon (much of their furniture looks angry or war torn to me). |
RE: Restoration Hardware Chief Steps Down
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| Hi, pardon me for jumping in without an official intro but I saw the RH post & it got my attention. I've been around GW since '04 so not a newcomer just a lurker here on Decorating. Anyway, we've just finished a RH bathroom redo. I'm very pleased. Light fixtures, hardware, medicine cabinets (2), vanity, storage cabinet, plumbing fixtures, towels, wire baskets, decorator stuff all came from RH. I worked with the Providence, RI store. Thought you might like to see a couple pixs. Please excuse the undecorated vanity. Just wasn't done when pix was taken.  
We've got a very small 2-bedroom cottage in Mystic, CT. That's why we used the porthole medicine cabinet and submarine ceiling lights. Don't know about the "relationship" thing but I do like their bathroom choices. /tricia |
RE: Restoration Hardware Chief Steps Down
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| As someone who started dating her "superior" at work 3 weeks into a 4 week rotation... then married him... then had a baby... still married 6.5 years later....and intend to continue to for at least 50 more... Who the F cares? As long as he is no longer her superior, what is the issue? |
RE: Restoration Hardware Chief Steps Down
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| I think the problem with "dating" someone under your supervision is that it could open the company up to a sexual harassment lawsuit. If the relationship goes sour, the lower-ranking employee could charge (rightly or wrongly) that s/he was coerced into the relationship and the company was partially responsible. This is why most companies forbid it. It happens anyway, though! |
RE: Restoration Hardware Chief Steps Down
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| I was in the Army Reserves, and might have dated a couple of Officers. A definite no-no. They are both single and it's been going on awhile, so I don't see the big deal. Would be different if just starting out (for reasons Chibimimi described). |
RE: Restoration Hardware Chief Steps Down
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| I married my boss 40 yrs ago. Jane |
RE: Restoration Hardware Chief Steps Down
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| Thanks for the link, DeeDee... Yep, that's a pretty high capitalization rate to get to a billion of value. I would be surprised if the IPO goes on schedule. |
RE: Restoration Hardware Chief Steps Down
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| Yup, Chib, definitely a no-no. It's a power thing--teachers can't date students, counselors can't date clients, et al. |
RE: Restoration Hardware Chief Steps Down
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| I married my boss too, twenty years ago. BUT we didn't connect or date until a few years after I had left the company. He wouldn't have dated me while I was working for him. Sexual harassment is a big policy issue for most large entities. But there may have more to this story than that. I wonder if their "style" will change as a result of his leaving.
Diane |
RE: Restoration Hardware Chief Steps Down
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| I married my boss 40 yrs ago. My husband still sleeps with his boss, which happens to be me. ;) |
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