Steinhoff, which has more than 40 retail brands that include France’s Conforama and British chain Poundland, is trying to emerge from a crisis after admitting “accounting irregularities” in December, wiping about 85 percent off its market value and triggering a liquidity crisis.
More than a month later we are still no closer to understanding how bad the situation is at Steinhoff, the owner of Poundland and Matress Firm. Joining CNBC Africa for the latest in this nail-biting corporate scandal is top-rated retail analyst Syd Vianello.
Steinhoff, which has debts of around 10.7 billion euros, plans to hire a debt restructuring expert in the role of chief restructuring officer.
TJ Strydom | JOHANNESBURG South Africa-based retail group Steinhoff International reported a 13 percent rise in half-year operating profit and a 48 percent jump in revenue as recent acquisitions buoyed sales. Steinhoff, which bought...