CAPE TOWN – Embattled international retailer Steinhoff has said that it would continue the disposal of some of its assets and cut jobs as it battles to stabilise its finances.
He said Steinhoff had concluded financing agreements to provide stability until the end of 2021 in the face of declining profits, high interest payments, debt of about €10 billion , litigation risk and further restructuring. Steinhoff is battling to recover from a corporate accounting scandal that wiped R200bn of shareholder equity off its equity in December 2017 – allegedly committed by a cohort of directors under former chief executive Marcus Jooste.
Some of its businesses were performing well at operational level, while others were not. Du Preez said the company voluntary arrangement would be concluded soon.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AYO investment was set to change ICT sector landscape – Dan Matjila | IOL Business ReportMatjila emphasised to PIC Commission that Africa’s largest asset manager’s R4.3bn investment in AYO was not lost and was earning interest. Riiight Nxa bloody looting And he was the CEO 😂😂😂😝😝😝😂😂😂. Can they please appoint people in future that have some inclining of business facepalm
Source: IOL - 🏆 46. / 51 Read more »
Higher taxes on the cards as government scrambles to implement NHI | IOL Business ReportSouth Africa’s embattled consumers are set to see a rise in taxes as the government scrambles to implement the much-touted National Health Insurance scheme. busrep busrep I've said it before. I will simply stop taking on new work when I reach the provisional threshold. I'm happy to pay reasonable tax to a government that's doing something good with it. I refuse to fund this nonsense and looting
Source: IOL - 🏆 46. / 51 Read more »
Solidarity to take further action against former Eskom boss Molefe | IOL Business ReportSolidarity said it would take comprehensive steps to bring former Eskom chief executive Brian Molefe to account over his ... busrep Rub it in
Source: IOL - 🏆 46. / 51 Read more »
WATCH: Rand tests the R15.30 mark | IOL Business ReportGet the latest market update and top stories from our newsrooms across South Africa, Africa and the world.
Source: IOL - 🏆 46. / 51 Read more »
WhatsApp to launch a new fingerprint lock feature | IOL Business ReportWhatsApp has announced a new Fingerprint lock feature that was previously called Authentication or Screen Lock feature according to WA Beta Info. Can't wait for WhatsApp to introduce dark mode and fingerprint lock 🔑 in their Android app It will help even I left it at home no one will open my what's app That app I used has had that for years. Much much better than this app.
Source: IOL - 🏆 46. / 51 Read more »