Embattled retailer Steinhoff has hit a record low as investors come to terms with the prospect of lengthy legal battles, which may constrain the ability of the group to convince the market there is any underlying value in its equity.

The owner of Pep stores in SA and Poundland in the UK slumped 4.81% to 99c per share on Monday, extending Friday’s 11.86% loss when Bloomberg reported that former CEO Markus Jooste had described the group’s R858m lawsuit against him as “vague and embarrassing”...

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