U.S. Markets closed

News Summary: Restoration Hardware's Friedman back

NEW YORK (AP) -- REUNITED: Home products chain Restoration Hardware said Wednesday that Gary Friedman is returning as chairman and co-CEO. He's once again co-CEO alongside Carlos Alberini.

BACKGROUND: In August there was a media report that said Restoration Hardware's board found Friedman had an inappropriate relationship with a former employee. Friedman was named Chairman Emeritus, Creator and Curator at Restoration Hardware that same month. He left the co-CEO and chairman posts in October.

HIERARCHY: Restoration Hardware Holdings Inc. has also purchased the exclusive right to develop Friedman's Hierarchy venture and will rebrand it as RH Atelier, developing luxury clothing, accessories, shoes and jewelry.