Scandal-hit Steinhoff's only hope for survival is to sell off assets to bec...
) only hope for survival is to sell off assets to become a retail-focused holding company, it said on Tuesday, as it fights to recover from a $7 billion accounting fraud and share price crash.
Since then, it has had to stomach losses of up to $4 billion a year and a dramatic fall from grace that has left it fighting to stay afloat. In a subsequent interview, du Preez said this would also give individual units more operational independence and decision-making power by reducing services like human resources and financing at group level.“There is a lot of work still to be done, but I think management is doing the right things and focusing on the right things, although it still has a mountain to climb,” said Sarine Barnard, an analyst at Investec Asset Management who attended the presentation.
Attendees said another big problem for Steinhoff is litigation. The company’s stock tanked after the scandal, and numerous investors are claiming compensation for losses. FILE PHOTO: One of Steinhoff's Kika/Leiner furniture and household goods retail stores is seen in Vienna, Austria June 15, 2018. REUTERS/Leonhard Foeger/File Photo
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