Steinhoff sells half of POCO to Andreas Seifert, ending a bitter dispute
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...
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.