New year, new boss for Steinhoff International after an annus horribilis of shedding assets and herding creditors into deals to keep the battered retail conglomerate afloat. Louis du Preez, the lawyer who took the reins as CEO last week, has at least two dates looming large on his calendar, one in February and one in April. Mid-April has been set for the release of the group's long-awaited financial results. When the publication of Steinhoff's financial results was first delayed early in December 2017 due to "accounting irregularities", long-time CEO Markus Jooste resigned and the company's share price tumbled more than 90% in a week. Getting auditors Deloitte to sign off those financial statements, along with the latest year's numbers, will be a major milestone for Du Preez and Steinhoff, but there is little hope of a full recovery any time soon. Filings since Jooste's departure have revealed the group's debt to be much larger than previously disclosed. The valuation of some assets...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.