Scandal-hit Steinhoff Sells Unit of Australasian Subsidiary

Steinhoff International said on Monday its Australasian subsidiary Greenlit Brands sold its general merchandise division to Allegro Funds, as the South African retailer grapples with the fallout of an accounting scandal worth about $7 billion, Reuters reported. Steinhoff had said in August its only way to survive was to slim down and sell its assets. “The sale of Greenlit Brands General Merchandise division is a further step in Steinhoff’s programme of planned divestments,” Louis du Preez, Steinhoff Group CEO said. As part of the deal, brands including Best & Less and Debenhams Australia and a total of more than 322 stores and over 6,100 employees would be taken over by Allegro Funds, said Greenlit Brands, a retailer and manufacturer. Read more