Steinhoff given more breathing space in the Netherlands
European shareholder association VEB agrees to extend standstill arrangement until May 15
Steinhoff International has been granted another reprieve, with European shareholder association VEB agreeing to give the embattled retailer another six weeks’ breathing room so that it can stabilise itself. VEB, which wants compensation for losses incurred by the retailer’s shareholders, has agreed to extend a standstill agreement between the parties until May 15. After that date, VEB would be free to continue with its legal proceedings, or to reach a settlement through negotiations, Steinhoff said. “The suspension will grant Steinhoff time to continue the ongoing restructuring of its business, make further progress with the internal investigations and finalise its 2017 and 2018 financial statements,” the company said.
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