Steinhoff to Sell Assets In Push to Survive Debts and Lawsuits

Steinhoff International, the global retailer that is battling to overcome the legacy of South Africa’s biggest accounting scandal, has pledged to slim its business and sell assets in order to survive heavy debts and shareholder lawsuits, the Financial Times reported. The owner of store chains including the UK’s Poundland and Conforama in France is considering the sales as it tackles “too high” debts of $10bn that were left by its 2017 collapse, Louis du Preez, Steinhoff’s chief executive, said on Tuesday. “Where appropriate, divestments are being considered,” the company said in its first presentation to investors since the group revealed a hole in its accounts of billions of dollars two years ago. The scandal wiped $15bn from Steinhoff’s shares and was linked to faking of significant income by former executives. It led to €13bn of writedowns as Steinhoff restated its accounts amid a forensic probe. Read more