Steinhoff Austrian unit Kika/Leiner has enough cash to last two years
‘We intensively negotiated with our parent company in SA in the past weeks,’ MD Gunnar George said in Vienna
Vienna — Steinhoff’s Austrian unit Kika/Leiner has secured enough money to keep going for up to 24 months, and plans to invest in its logistics and online presence to ensure growth, MD Gunnar George said. Steinhoff, which owns more than 40 brands including Poundland in the UK, admitted accounting irregularities in December, sparking an 85% share price slide that wiped more than $10bn off its market capitalisation. "We intensively negotiated with our parent company in SA in the past weeks," George said at a news conference in Vienna. "We found a solution that secures us liquidity for the next 12 to 24 months." George said expanding its online presence, improving its logistics and making sure every single branch worked efficiently were the top priorities in the coming months. Reuters
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