Talk about an after-Christmas sale.

Restoration Hardware Inc. accepted 33-percent less than originally planned for a management-led buyout that included private equity firm Catterton Partners. Back in November, the retailer accepted a $6.70 a share, or $267 million takeover bid from Catterton.

That was just the beginning. Later that month,  Sears offered to buy the company for $6.75 a share.

That was before the global equity markets selloff that kicked off the year, as well as evidence that the deepening housing slump was pushing the U.S. economy into recession. 

Today the home furnishings chain agreed to a new bid from Catterton that values the company at $4.50 a share, or about $175 million.

But at least it got a $25 million loan for working capital, the chance to solicit other bids through February 28 and firmer commitments that the deal would close even if the retailer’s operating results weaken.

Restoration Hardware said in a filing with the U.S. Securities and Exchange Commission that there was no assurance that any other company — including Sears — would submit a better proposal. Sears declined to comment.

In a letter to employees that was addressed to “Team Resto,” Restoration Hardware Chief Executive Gary Friedman said the lower deal price was “primarily due to continuing macroeconomic pressures and the difficult environment for home furnishings retailers, which has affected financial performance across our industry.” He signed the letter “Carpe Diem.”

Restoration Hardware recently said that sales for the nine-week holiday period ended January 5 — normally the biggest season for retailers — totaled $171.5 million. That marked a drop of 1 percent for the 2007 holiday season, compared with a 22 percent increase in sales during the 2006 holiday season.

The retailer said seasonal sales it had anticipated in gift items during the final days of the holiday shopping season did not materialize, which added to softness in its “decorative accessories business.”

Carpe diem. Seize the sale.