Steinhoff Is Said to Seek About $450 Million for Properties

Steinhoff International Holdings NV is seeking to sell properties in Europe worth about 400 million euros ($450 million) to raise cash as it restructures its debt, according to people familiar with the matter, Bloomberg News reported. The South African retailer, which almost collapsed amid an accounting scandal in late 2017, has hired Eastdil Secured LLC to advise on the sale of office buildings, warehouses and production sites in countries including the U.K., Germany, Poland, and Hungary, said the people, who asked not to be identified because the matter is private. Representatives of Steinhoff and Eastdil declined to comment. Steinhoff’s accounting scandal wiped out most of its equity and forced the company to review and restate its accounts. PwC is due to release a forensic report on the matter, enabling Steinhoff to publish an audited financial report next month. Read more