What investors want to know from Steinhoff
Bond sell-offs and a share slump continue as shareholders in Steinhof remain in the dark over pressing financial questions despite a meeting for lenders
London — Steinhoff International’s attempts to regain investor and creditor trust have fallen flat. More than two weeks after disclosing accounting irregularities, delaying its results and announcing the departure of its CEO, the South African furniture and clothing retailer remains locked in a downward spiral. A December 19 meeting for lenders failed to halt a bond sell-off and a slump in Steinhoff’s Frankfurt-and Johannesburg-listed shares, when management and advisers did not deal with some of the most pressing financial questions about the company, which owns Conforama in France, Mattress Firm in the US and Poundland in the UK. With auditors PricewaterhouseCoopers still digging into Steinhoff’s accounts, here are some of the mysteries creditors and shareholders want answered. How big is the problem? The company has not detailed the accounting irregularities, and it has not provided a timeline for future disclosures.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.