Berlin/Budapest — Steinhoff International, the global retailer struggling to survive an accounting scandal, agreed to end a bitter dispute by selling half of German furniture chain POCO to former business partner Andreas Seifert. Forbes reported on Wednesday that Steinhoff also sold out of Hungarian electronics retailer Extreme Digital after its partners moved to cut ties with the company, which is embroiled in an accounting scandal. The impetus for the deal with Seifert came from a German judge who, on Wednesday, urged both sides to settle for an amount that is a multiple of POCO’s earnings. Eventually they valued POCO at €532.5m, amid a fractious hearing that was stayed twice to allow private talks. "We’ve been fighting so long, but finally things moved so quickly," Seifert said when leaving the courtroom. Seifert, owner of furniture retailer XXXLutz, has battled on many fronts against his former partners, filing lawsuits in three countries as well as criminal complaints. The Germ...

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