Is Steinhoff back from the dead?
In late 2017, Steinhoff copped to ‘accounting irregularities’ losing R200bn in value within days. Just over four years on, the share is still down 93%. But, miraculously, the retailer seems to be staging a Lazarus-like return, partly thanks to gritty determination and partly due to some chips falling its way
In early January 2018, Steinhoff’s commercial director Louis du Preez was on a charm offensive in London, trying to convince the retailer’s bankers not to pull the plug.
It was a desperate time. Weeks before, Steinhoff had admitted to "accounting irregularities" on the same day that its CEO, Markus Jooste, had offered his resignation to the board (remotely, of course, while sitting a few kilometres away on the Lanzerac wine farm)...