Steinhoff’s first-half loss doubles to €1.5bn
Covid-19 has weighed on the group, shuttering stores, disrupting supply chains, as well as putting pressure on consumer spending
Embattled retail group Steinhoff, which has majority stakes in Mattress Firm in the US and the Pepkor group, saw its first-half loss double as Covid-19 shuttered stores and hit consumer spending.
The group reported a first-half-loss of €1.52bn (about R30bn) in the six months to end-March from €617m previously. The group had net debt of €9.7bn at the end of March, from €9.6bn as of the end of its 2019 financial year.
The group’s future is in question after it announced a €6.5bn hole in its accounts in 2017.
About 90 separate lawsuits have been filed against Steinhoff, with combined claims of more than R136bn, with the group announcing a settlement plan earlier in July.
In afternoon trade on Thursday, Steinhoff’s share was down 1% to 99c, having fallen 98.5% over the past three years.
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