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.
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