These are the five things flailing Steinhoff could do to try save itself
Steinhoff International Holdings’ attempts to arrest the fall-out over accounting irregularities have failed to restore investor trust. Despite three statements from the company in the past 48 hours, more than R140bn in value has been destroyed, showing that investors don’t believe the retailer has gone far enough to boost confidence in the stock. Here are five things the Frankfurt-and Johannesburg-listed company could do to try to save itself from collapse, according to analysts and fund managers. • Sell assets, such as property Steinhoff said in a statement on Thursday that it could sell "certain noncore assets" and raise a minimum of €1bn. Better disclosure about what constitutes a noncore asset might help restore trust. The company could detail its targets for sales and the expressions of interest it said it had received. Any properties for sale could be listed separately from businesses, according to Ron Klipin, a portfolio manager at Cratos Wealth in Johannesburg. A report by ...
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